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.
Know Your Rights!
Articles About Corporate Taxation Law
- Why You Should Not Represent Yourself in an IRS AuditRepresenting yourself or your company in an audit initiated by the Internal Revenue Service (“IRS”) is likely to be an exercise in futility. The IRS employs highly skilled revenue agents who will seek to take advantage of taxpayers who, understandably, are not knowledgeable on the rights and powers of the IRS.
- Coming Out of the Shadows: IRS’s OVDP and Streamlined Disclosure ProgramsIn part because of the high levels of noncompliance with foreign tax reporting requirements (oftentimes out of innocent ignorance), the IRS has developed voluntary disclosure programs that allow taxpayers to come forward, correct their past mistakes, pay past-due taxes, and pay a set penalty (or, in some circumstances, pay no penalty).
- Enforced Tax Collections: IRS’s Power of Lien and LevyThe IRS collection process is a series of actions that the IRS can take to collect taxes that taxpayers owe if they do not voluntarily pay them. Generally, a taxpayer is required to pay a tax along with filing a tax return. The IRS will assess a taxpayer’s delinquent tax obligation if the taxpayer fails to pay a tax obligation when due. Subsequently, the IRS will send a notice and demand for payment to the taxpayer.
- Business Tax DeductionsBusiness expenses are the associated costs of carrying on a business. Such expenses are typically deductible if a business is operated to make a profit.
- FBAR and FATCA – Two Abbreviations That Can Wrap You Around the IRS AxleFBAR and FATCA are two important abbreviations for those who have overseas financial interests. Failure to file the FBAR report, in view of the IRS’s continuing application of FATCA, can get you into what old military veterans used to call FUBAR.
- “FATCA” Law is Striking Fear into Foreign BanksLaw That May Reduce Tax Evasion Goes Into Effect On July 1 The Foreign Account Tax Compliance Act (FATCA) became law in the United States in 2010, but the clock is still ticking on its implementation. The clock will stop ticking on July 1, 2014.
- What Can A Tax Attorney Do For Me?Of the professionals that you can turn to for help with IRS problems, tax attorneys can most effectively help you sort through legal issues. Hiring such an expert is the most efficient way of getting on the right track. Here are seven reasons that make them valuable and indispensable.
- Understanding the PFIC Rules Without Suffering a MigraineThe PFIC regime was not introduced until 1986. Prior to 1986, U.S. taxation of foreign corporations was strictly tied to control of the corporation held by U.S. persons. This allowed not only the foreign mutual fund to avoid U.S. taxation, but also U.S. persons who invested in the fund. How so?
- Add the Letter ‘T’ to FATCA, and No One’s Getting Fat Except the IRSIn 2010 President Obama signed P.L. 111-147, the Hiring Incentives to Restore Employment Act. The purpose of the law is in its eponymous title, but the IRS got into the act with the Foreign Account Tax Compliance Act (FATCA) provisions.
- A Primer on the Foreign Earned Income ExclusionOrdinarily, the United States taxes U.S. citizens and resident aliens on their worldwide income, even when they live and work abroad for an extended period of time. To provide some relief, a U.S. citizen or resident who meets certain requirements can elect to exclude from U.S. taxation a limited amount of foreign earned income plus a housing cost amount. A double tax benefit is not allowed, however, and a taxpayer cannot claim a credit for foreign income taxes related to excluded income.
- All Taxation Law Articles
Articles written by attorneys and experts worldwide discussing legal aspects related to Taxation including: corporate taxation and tax planning.
Department of Revenue by State
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 - Wikipedia
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.
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.