Corporate Tax Lawyers in Irmo
A "corporation" in Irmo, South Carolina is an organization formed under state law which is regarded a separate "person" from any of the people who run it.
This doctrine is identified as "corporate personhood." While the concept is somewhat abstract, the law of South Carolina treats corporations as individual persons, for most purposes. This means that, legally, corporations have most of the same rights, privileges, and commitments as living, breathing 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 Irmo, South Carolina
Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states additionally have a corporate income tax, which Irmo, South Carolina corporations are required to pay.
Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.
There's also a good chance that the tax rate applicable to corporations in South Carolina differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Thus, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever their legal tax rate, all corporations in Irmo, South Carolina are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.
How Can a Irmo, South Carolina Corporate Tax Lawyer Help?
Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.
Of course, smaller companies in Irmo can't afford to have full-time legal and accounting departments on their payroll. Therefore, if your business is organized as a corporation, and has an issue with its taxes, it's imperative that you contact an Irmo, South Carolina tax attorney as soon as possible.