Corporate Tax Lawyers in Erwin
A "corporation" in Erwin, Tennessee is an organization formed under state law which is regarded a separate "person" from any of the people who run it.
This rule is called "corporate personhood." Essentially, under the law of Tennessee, corporations are, in many ways, the same as individual human beings. Therefore, corporations have some of the same legal rights and obligations as actual people.
One of a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in Erwin, Tennessee
Every corporation in the United States is obligated to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Erwin, Tennessee are obligated to pay.
Under federal laws that control 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.
There's also a good chance that the tax rate applicable to corporations in Tennessee differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever their legal tax rate, all corporations in Erwin, Tennessee 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 Erwin, Tennessee Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.
However, if you are the owner of a smaller corporation in Erwin, you likely can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Erwin, Tennessee who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi