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Corporate Tax Law Questions

All around the world there are corporations, some are big and some are small, but they all have to pay taxes. Corporate tax law may vary greatly from country to country or even state to state. Corporations just like individuals earn income and have to pay corporate taxes on the income that has been made for the year. Below are questions that individuals have asked the Experts in regards to corporate tax laws.

What is corporate tax?

Around the world there are several countries that on the income of certain types of entities impose a tax known as a corporate tax. In some countries this tax may also be placed upon by corporations or companies by state or local taxing authorities. Entities that are handled like partnerships are as a rule not taxed at the same level as other legal entities such as corporations. Also while most countries impose this tax upon all corporations that do business in that country on the income made in that country, there are also countries that tax all of the income made by corporations that are organized within the country. Corporate tax is determined often like an individual’s taxable income is determined, which means in the majority of case the corporate tax is applied to the net profits of a corporation. While this is true for some countries, there are also other areas that the determination of how corporate tax is significantly different than that of individuals.

Can a corporation that owns several other corporations file one consolidated corporate tax return?

Yes it is possible for a corporation that owns several other subsidiary corporations to file a consolidated corporate tax return. However, if a corporation chooses to file a consolidated corporate tax return there are a few rules they need to be aware of. One of the rules is that the parent corporation must own at a minimum 80% of voting stock of the subsidiary corporations that are being consolidated. Secondly each subsidiary will have to file a Form 1122 which gives authorization to be included in the consolidation and to be part of the consolidated corporate tax return. This will only need to be done the first year that the subsidiary has agreed to be part of the consolidation. Also most importantly the corporation must be aware that the consolidation is binding, and if the corporation finds that filing a consolidated return is not going to be in the best financial interest of the corporation there are only two ways to fix this. The first is to dismantle the affiliated group legally, so that a consolidated corporate tax return is not possible. The other option is to make a request to the IRS for permission to again file separate tax returns for the subsidiaries.

What is bonus depreciation in regards to a corporate tax return?

In regards to corporate tax return bonus depreciation is an allowance for 100% bonus depreciation on assets that are newly purchased and placed into service in 2011, as long as the assets have a MACRS recovery life that is 20 years or less.

Is there a monetary penalty for filing a corporate tax return late?

Yes there is a monetary penalty for filing a corporate tax return late. However it is usually not a significant penalty and is usually accrued monthly until the corporate tax return is filed.

A corporate tax is a tax that is imposed upon the income made by a corporation. The corporate tax may be determined much like the tax on an individual’s income, but there may be some case in which it is not normally determined like an individual’s income. However there are rules that should be looked over before going in to consolidation. Any questions regarding corporate tax laws are able to be asked of the Experts.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Corporate Tax Law Questions

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    Our CPA did not file an addendum with the California Franchise Tax Board after we got audited. we owe back tax plus 4,000 in penalties and fees. I want to go to small claims to recover. we filed as a married couple. My husband has no interest in going to court. I do. can I go by myself even though the taxes are in both our names?
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    Have a client that will receive a $1,000.00 a month from her local church to host an foreign exchange student. I assume she will receive a 1099 Misc at year end. I read were a maximum deduction for hosting a student is $50.00 per month with no compensation as a charitable deduction. But in this case can we deduct all qualified expenses against this compensation and even if ends up in a loss? This would be reported on a schedule C and any net income subject to FICA?
  • Couple of questions: IRS requested an audit with one of

    Couple of questions:
    IRS requested an audit with one of my clients.
    Initial visit was the client himself (not my customer originally).
    He went unprepared and was all scared - so did not respond to IRS agent'questions properly and Agent was under impression that he did not have business (he even told the guy that you have no documentation and I doubt that you really have business).
    When the client came to us so we can represent him, we started to collect information. It came out that not only he actually had business, but he spent lot more than what originally was filed (however, in different areas - for example he paid Rent, but on his original Schedule C he did not had rent, but had supplies.
    The IRS agent we went to see was pretty rude and simply said that he is not going to allow any new expenses and he will only look into the original return. We showed an expense (supply expense) which was clearly on his bank statement - the agent goes that does not prove that it is for business and also bank statement is not enough I want a cancelled check. Another thing the agent said was 'if there is no income, there could be no business, so this entire business is not allowed'.
    Question: Should we continue with this IRS agent for our folow-up or should we talk with the supervisor and/or can we ask to change the IRS office.
    He told us that we are forging papers, just because a letter from Wells Fargo had a spelling mistake on it (accusing our office and the client for forging documents).
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