Corporate Taxation Law
What Are Corporate Taxation Laws?
Corporate Tax laws relate to the systems of taxation used for taxing incorporated entities, including businesses and not-for-profit charities. These laws often differ from the systems for taxing individuals, and in some cases can have implications for individual taxation, as well. For example, S Corporations enjoy what is known as pass-through taxation. The corporation is not responsible for paying taxes, but the obligation instead passes-through to the shareholders.
Corporate taxes can refer to taxation systems for both state and federal level taxes. Additionally, different taxing structures may apply to corporations based on their type. For example, a not-for-profit corporation engaged in charitable or religious activities may qualify for 501(c)(3) tax exempt status. Additionally, other kinds of corporations must observe certain tax practices to maintain their status, such as not-for-profits that misapply their earnings.
Corporate tax is often used generically to refer to the taxation of other business entities, as well. For example, entities treated as partnerships are generally not taxed at the entity level like a corporation, but rather the partners are taxed individually. Nevertheless, tax laws pertaining to partnerships are often called corporate tax laws.
Company income subject to taxes is often determined much like taxable income for individuals, where the tax is generally assessed against net profits and a variety of deductions are allowed. Common deductions include travel expenses, rent, office supplies, and many others.
For more information about corporate tax laws, please review the materials below. Additionally, to find a list of attorneys in your area who can assist you, including corporate taxation attorneys, please refer to our Law Firms page.
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Articles About Corporate Taxation Law
- Whistleblowers Programs Could Help Regain Funds From Tax DodgersAccording to the California Franchise Tax Board, the state is owed more than 6.5 billion dollars in tax revenue. Some contend that implementation of a whistleblower rewards program could help to bring in some of that lost revenue.
- How to Write Off Expenses for Meals and Entertainment on Your Corporate TaxesOne of the most common questions often asked of corporate attorneys by small business owners who are just setting up their first company is how to write off expenses. Usually, two of the most important expenses these people want to write off are meals and entertainment expenses.
- Understanding the Differences Between Corporations, LLC's, and PartnershipsCongratulations on your decision to start a new business. The question you may be asking, though, is what kind of business you should form? What is the difference between a corporation, an LLC, and a partnership? Why form one and not another?
- How to Plan Ahead with Upcoming Tax ChangesIt is wise to know what the tax changes are when planning for the next tax season. Following are a few of the changes for 2013 that could affect the amount of taxes that you will pay.
- What Happens When You Are Audited?Many Americans live in fear that the dreaded IRS man will come knocking with in-home income tax audits. The truth of the matter is that the auditing process usually begins with a letter or a phone call that you must respond to.
- Who Is An Income Tax Return Preparer?Income tax return preparers may be subject to a number of general penalty provisions as well as specific preparer penalties aimed directly at them. Beware getting yourself into a position of having overstated deduction areas repeatedly. You can lose your right to prepare returns if you do.
- What Assets Can the IRS Seize?A non-wage levy seizes the taxpayer’s right, title and interest to all property that is in the possession of the levied party (the person or company holding your property for you) at the time the levy is served. It seizes no more and no less. The exemptions from levy are few and meager, but they exist and consist of the first (sometimes the last) line of defense against the levy.
- Your Statute of Limitations for an IRS Tax AuditThe wise taxpayer will always ask his or her tax lawyer or tax audit representative in cases like tax audit cases first about the statute of limitations in the case. At its simplest, a statute of limitations is just what it says–a limit on the amount of time the IRS has to perform a particular task, like audit taxes or collect taxes. And, it is set by statute, hence “statute of limitations.”
- Getting Wage Levies ReleasedWage levies are vicious collection devices used by the IRS to get your attention. A wage garnishment can take up to 85% of your gross pay, leaving you with nowhere to sleep but the street. In most cases our immediate goal is to remove the levy. In the case of a wage levy, Revenue Officers or ACS often (but not always) release wage levies upon request of an authorized representative.
- Michigan Tax Tribunal Undergoes Procedural ChangesFor various reasons relating to the increase in property tax appeals in recent years, the Michigan Tax Tribunal has found itself in a position where numerous procedural changes are necessary in order that it might keep up with claims. The following article addresses these changes.
- All Taxation Law Articles
Articles written by attorneys and experts worldwide discussing legal aspects related to Taxation including: corporate taxation and tax planning.
Corporate Taxation Law - US
- ABA - Section of Taxation
As the national representative of the legal profession, the mission of the ABA Section of Taxation is to serve our members and the public through education and leadership to achieve an equitable, efficient, and workable tax system.
- Internal Revenue Code
The Internal Revenue Code (or IRC; more formally, the Internal Revenue Code of 1986) is the main body of domestic statutory tax law of the United States organized topically, including laws covering the income tax (see Income tax in the United States), payroll taxes, gift taxes, estate taxes and statutory excise taxes. The Internal Revenue Code is published as Title 26 of the United States Code (USC), and is also known as the internal revenue title. Its implementing agency is the Internal Revenue Service.
- IRS - Tax Information For Businesses
The IRS is a bureau of the Department of the Treasury and one of the world's most efficient tax administrators. In fiscal year 2009, the IRS collected more than $2.3 trillion in revenue and processed more than 236 million tax returns.
- Tax Code Regulations
Federal tax law begins with the Internal Revenue Code (IRC), enacted by Congress in Title 26 of the United States Code (26 U.S.C.). In addition to participating in the promulgation of Treasury (Tax) Regulations, the IRS publishes a regular series of other forms of official tax guidance, including revenue rulings, revenue procedures, notices, and announcements. See Understanding IRS Guidance - A Brief Primer for more information about official IRS guidance versus non-precedential rulings or advice.
- United States Corporate Tax Law - Definition
Corporate tax is imposed in the United States at the Federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Federal tax rates on corporate taxable income vary from 15% to 35%. State and local taxes and rules vary by jurisdiction, though many are based on Federal concepts and definitions. Taxable income may differ from book income both as to timing of income and tax deductions and as to what is taxable. Corporations are also subject to a Federal Alternative Minimum Tax and alternative state taxes. Like individuals, corporations must file tax returns every year. They must make quarterly estimated tax payments. Controlled groups of corporations may file a consolidated return.
Department of Revenue by State
Organizations Related to Corporate Taxation Law
- Tax Foundation
The mission of the Tax Foundation is to educate taxpayers about sound tax policy and the size of the tax burden borne by Americans at all levels of government. From its founding in 1937, the Tax Foundation has been grounded in the belief that the dissemination of basic information about government finance is the foundation of sound policy in a free society.
- US Tax Network
Welcome to USTaxNetwork.com, the resource for free online US taxation information.
Publications Related to Corporate Taxation Law
- Department of the Treasury Fact Sheets - Economics of Taxation
Throughout history, every organized society had some form of government. In free societies, the goals of government have been to protect individual freedoms and to promote the well-being of society as a whole. To meet their expenses, government need income, called "revenue," which it raises through taxes. In our country, governments levy several different types of taxes on individuals and businesses. The Federal Government relies mainly on income taxes for its revenue. State governments depend on both income and sales taxes. Most county and city governments use property taxes to raise their revenue.
- Federal Tax Law
Tax research focuses primarily on the Internal Revenue Code and the various primary and secondary materials that interpret it. A tax problem often involves legislative, judicial, and administrative interpretations. Administrative sources play an especially important role in tax research, and understanding the numerous regulations and the binding or persuasive authority is essential.
- United States Law and Tax Headlines
One of the web's largest and most authoritative business and investment information sources. Alongside topical, daily news on worldwide tax developments, you can receive weekly newswires or access up-to-date intelligence reports on a range of legal, tax and investment subjects.