How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

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...
characters left:
Tax Professionals are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

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...
characters left:
Tax Professionals are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

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

  • My wife and I file taxes jointly. She is also custodian of

    My wife and I file taxes jointly. She is also custodian of 2 UTMA accounts for our sons and traded stocks within those accounts in 2013. The IRS contacted my son recently about the fact he had not paid any taxes and or financial institution had reported profits from trading stocks under his social security ID. Needless to say when I did my joint tax returns for 2013 I neglected to also file his tax returns too. So 2 questions
    1) I assume it would prudent to files taxes under his SS ID (it would be the first time for him) instead of mine as his earnings are far less and I assume UTMA accounts are subject to the same taxation rules as regular income? My son is 20 years old.
    2) How do I get my hands on a 1099 form and file this late return? I can't do it via TurboTax as I can no longer download the program for 2013. So can I simply find a form on the internet and file the 1099 and send to the IRS for federal and also for state? Your advice would be much appreciated.
  • if a vehicle that qualifies to be deducted under 179 on 2014

    if a vehicle that qualifies to be deducted under 179 on 2014 cost 25,000, will be paid on 36 months and the total interest will be 3,000 how much can be deducted for this year? 28,000?
  • How does section 1231 work? Do you write off the loss based

    How does section 1231 work? Do you write off the loss based on the purchase price or the appraised price?
< Last | Next >
View More Tax Questions