Corporate Tax Lawyers in Johnston
A "corporation" in Johnston, Rhode Island is an organization established under state law which is considered a separate "person" from any of the people who run it.
This doctrine is recognized as "corporate personhood." While the concept is somewhat abstract, the law of Rhode Island 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.
An discernible example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Johnston, Rhode Island
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 Johnston, Rhode Island have to remit.
The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are many tax brackets in between.
Likewise, chances are good that the corporate tax rate in Rhode Island are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is substantially lower than the individual rate.
In Johnston, Rhode Island, 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 Johnston, Rhode Island Corporate Tax Lawyer Help?
Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.
However, if you are the owner of a smaller corporation in Johnston, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Johnston, Rhode Island who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi