Corporate Tax Lawyers in Roosevelt

A "corporation" in Roosevelt, 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 Roosevelt, 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 additionally have a corporate income tax, which Roosevelt, Utah corporations are required to pay.

Under federal laws that regulate 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.

Likewise, chances are good that the corporate tax rate in Utah are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is considerably lower than the individual rate.

In Roosevelt, 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 Roosevelt, Utah Corporate Tax Lawyer Help?

Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.

Of course, smaller companies in Roosevelt 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 imperative that you contact a Roosevelt, Utah tax attorney as soon as possible.