What Are Corporate Taxes?

A corporate tax, often termed a “company tax,” is tax on the income or capital of a corporation. This tax is imposed both on state and local levels. Basically, just like people pay taxes on their income, corporations pay taxes on the income they have earned as well.

Generally, this tax is imposed on the net profits of the company. Rules on how exactly corporations are taxed vary from jurisdiction to jurisdiction, i.e. from area to area. Partnerships and other such entities are not taxed since they are not corporations.

The tax code is such that corporations with lower incomes pay a lower tax rate than corporations with higher incomes. Tax rates vary from jurisdiction to jurisdiction. Tax exemptions are also granted, in whole or in part, to certain corporations. To determine if a corporation is eligible for a tax exemption, the corporations should consult a tax attorney.

Certain events within a corporation are also taxable. For instance, corporation formation, mergers and acquisitions, and corporate reorganization are taxable. There is also something called “double taxation” where the corporation is taxed, as well as the earnings of the corporation’s shareholders. Whether or not double taxation occurs depends on if the corporation is filed as a “C-Corporation” or “S-Corporation.

LegalMatch Law Library Managing Editor, , Attorney at Law

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The IRS has had its hands full in recent years because of the many accusations that corporations haven't paid their fair share of taxes. Just like people try to misreport or conceal information to decrease the amount of taxes they pay, corporations also partake in such acts. However, just as people are punished by the IRS, corporations too are punished.

The lesson to take away is that corporations should consult a tax attorney for all their tax matters. Corporations are complex entities with issues regarding infrastructure, employees, growth, mergers, formations, international transactions etc. Tax issues are heavily involved in all corporate actions. Therefore to ensure that corporations are legally paying all their taxes and receiving the correct write-offs, the expertise of tax attorneys is essential. Otherwise, corporations will make themselves vulnerable to IRS audits and investigations, adverse fines with the possibility of paying interest on past tax owed, and having the chief executive officer or board members held to confinement.

Businesses need to practice safe strategies. Complex tax matters cannot be learned and solved in a night. Consult a tax attorney, satisfy the necessary tax requirements, and receive the deserved write-offs!

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