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
- The Basics of Franchise Tax Board PenaltiesTax returns with a franchise could lead to severe consequences when the paperwork contains errors or falsifications for yearly income and other expenses or deductions. It is imperative that the owner of the franchise discloses all information and ensures that the Internal Revenue Service has everything with all valid and correct details.
- Substantial Misstatements and Franchise Tax Board PenaltiesThe penalties for mistakes and misstatements in tax documents are costly and may lead to severe consequences for those involved. However, when the misstatements are substantial, they may lead to additional fees or even criminal charges depending on the specific circumstances.
- Tax Benefits of Making Charitable DonationsTax deductions increase when someone makes a charitable donation to various worthy causes, and these affect how much the person pays back to the government at tax season. It is important to consult an expert due to possible adverse effects, but a professional may assist in increasing all possible deductions with taxation.
- Effect of Receiving SBA Disaster Loan on TaxesSmall Business Association disaster loans are received when a company or individual suffers through a natural or manmade disaster such as a flood, hurricane or detonation area. These loans are available to assist these individuals or groups through hard times, and the effects on taxes are often beneficial when the person receiving the loan has no other debt needing payment.
- Impact of New Tax Law on Professional Sports TeamsTax deductions and the new tax law affect professional sports teams and the athletes that play or belong to each team. While the impact could affect some for the better, those that earn more than the $10,000 cap in each year may face severe amounts owed when the income is over seven or eight figures for the year.
- Case Studies on How New Tax Law May Impact Different FamiliesVarious experts tasked with studying the new tax laws determined that there are different impacts on families based on certain factors for each. These may include or involve single parents, multiple children and extended families where grandparents receive their grandchildren as primary caregivers.
- Potential Impact of New Tax Law on Law Firm PartnersTax laws change constantly, and the effect may extend as wide as to law firms, partners and clients depending on the circumstances and the changes in these regulations. It is important to understand the potential impact that could occur to various entities and professionals based on taxation modifications and how the consequences may reach others.
- Can I Deduct Ransomware Payments on My Taxes?Many individuals suffer from online attacks where a scam artist or illegal entity takes over the computer demanding money to release the software back to the owner. This is a ransomware attack, and most computer illiterate or competent owners of a computer provide payment to these violators believing it will not happen again.
- Federal Income Tax Considerations Involving CrowdfundingCrowdfunding is an increasingly important way of gathering funds for business and personal projects that afford the individual to create a revenue stream. By directly contacting the public, the person may seek money, but there are tax considerations that could lead to problems if they are not provided for by the individual.
- Contemplating Potential Consequences to Changes in the Net Operating Loss RulesThere are current tax rules that permit corporations to carry net operating losses from two previous taxable years and ensure these amounts are carried to current or the future for up to twenty years. These are offset at 100 percent for federal income taxes for the company and may also affect most of the other types of taxes.
- 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.