Corporate Tax Lawyers in Latrobe
A "corporation" in Latrobe, Pennsylvania is an organization established under state law which is considered a separate "person" from any of the people who run it.
This doctrine is known as "corporate personhood." While the concept is somewhat abstract, the law of Pennsylvania treats corporations as individual persons, for most purposes. This means that, legally, corporations have many of the same rights, privileges, and obligations as living, breathing human beings.
One of the main legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.
Corporate Tax Rate in Latrobe, Pennsylvania
Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states also have a corporate income tax, which Latrobe, Pennsylvania corporations are required to pay.
Under federal laws that govern corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.
The tax rate in Pennsylvania for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
In Latrobe, 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 Latrobe, 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 Latrobe 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 essential that you contact a Latrobe, Pennsylvania tax attorney as soon as possible.