Corporate Tax Lawyers in Park
A "corporation" in Park, Utah is an organization formed under state law which is regarded a separate "person" from any of the people who run it.
This system is occasionally 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 commitments is the duty to pay income tax in much the same way as an individual person.
Corporate Tax Rate in Park, Utah
Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Park, Utah corporations are required to pay.
At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.
The tax rate in Utah for corporations probably also differs from the taxes that individuals must pay. In some states, the government has determined 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.
Whatever a company's legal tax rate is, all corporations in Park, Utah must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.
How Can a Park, Utah Corporate Tax Lawyer Help?
Most extremely large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in conformity with every applicable state and federal income tax laws.
However, if you are the owner of a smaller corporation in Park, you likely can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Park, Utah who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi