Corporate Tax Lawyers in Bristol
A "corporation" in Bristol, Pennsylvania is an organization established under state law which is considered a separate "person" from any of the people who run it.
Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Pennsylvania are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.
An apparent example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Bristol, Pennsylvania
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states further have their own corporate income tax, which corporations located in Bristol, Pennsylvania have to remit.
In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are many tax brackets in between. However, the individual federal income tax rate tops at 33%.
In Pennsylvania the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is usually lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.
In Bristol, Pennsylvania, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.
How Can a Bristol, Pennsylvania Corporate Tax Lawyer Help?
Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.
Of course, smaller companies in Bristol can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's necessary that you contact a Bristol, Pennsylvania tax attorney as soon as possible.