Corporate Tax Attorney
A corporate tax attorney provides services to the corporations on behalf of tax resolution issues. Corporate tax or as it is sometimes called corporation tax is a tax placed on the profits made by companies or associations. It is a tax that is calculated based on the value of the corporation’s profits. This tax is made compulsory by the federal government as well as some state governments. The federal corporate tax is more noteworthy that he state corporation tax. Most companies usually hire a corporate tax attorney before an Internal Revenue Service’s (IRS) audit. Owners of small companies usually believe they can manage with just an auditor but this is not wise. It is wise for any size corporation to employ a corporate tax attorney.
A Corporate tax attorney cannot only be used at tax time. If you already have a liaison with a corporate tax attorney and you plan on expanding or merging your business they can help you with these dealings. Taxing laws are so complex and as such a corporation no matter what their size will need the services of an attorney. A competent tax attorney can ensure that your business will always be up to date with the latest federal and state tax regulations. Some of the taxes that corporations have to file on are; payroll taxes on employee earnings, franchise statements to the state, excise fees on gas and federal and sometimes state tax on their income. With all these different things to be done it is easy to get behind on payments. Having a corporate tax attorney can help eliminate this.
This lawyer can also help to prevent you from having to pay certain taxes by helping you with business structure among other aspects of business development such as divestment’s, acquisitions and mergers. For example if a business is owned by shareholders, there are no income assessments. It is the sole responsibility of the shareholder to pay taxes on their dividends. Companies who are owned by single individuals on the other hand are subject to income assessments and pay taxes based on these assessments. C Corporations are assessed on a sliding scale and pay a percentage based on the profit bracket that they fall into. For companies owned by two or more individuals called Limited Liability Corporations (LLC’s), will incur a liability based on their ownership in the company.
Employing a corporate tax attorney is a good way to ensure the growth and continued success of your business. They will take care of the legal aspects required when preparing your taxes and will be there to bail you if needs be. They can also offer services outside of helping with tax problems. They can be employed full time to deal with all the legal matters of the business or just prior to tax time right before your IRS audit. They can give you advice that will benefit you and how much taxes you pay by advising you about ways to improve and reorganize your business.