Corporate Tax Lawyers in Eagle Mountain

A "corporation" in Eagle Mountain, Utah is an organization established under state law which is considered a separate "person" from any of the people who run it.

This system is sometimes called "corporate personhood" by Utah lawyers. It means, in simple terms, that the law treats a corporation just as it would treat a human being - having most of the legal rights and duties that also apply to individuals.

One of these obligations is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Eagle Mountain, Utah

All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Eagle Mountain, Utah have 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 Utah 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 Eagle Mountain, Utah, 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 Eagle Mountain, Utah 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 Eagle Mountain 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 an Eagle Mountain, Utah tax attorney as soon as possible.