Corporate Tax Lawyers in Richfield
A "corporation" in Richfield, 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 Richfield, 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 Richfield, 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 corporate tax rate in Utah may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the ideal way to attract business (and thus improve their economies) is to have a low corporate tax rate.
Whatever their legal tax rate, all corporations in Richfield, Utah 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 Richfield, Utah Corporate Tax Lawyer Help?
Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.
However, if you are the owner of a smaller corporation in Richfield, you likely can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Richfield, Utah who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi