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Corporate Tax Law Questions

What is the Corporate Tax Law?

What is corporate tax? Corporate tax is enforced by the United States not only by Federal, but also some state, and some local city levels on the money that is for tax purposes as corporations. Federal tax rates are 15% to 35% depending on the corporate taxable income. The jurisdiction determines the tax rates of the State and local taxes; some Federal stipulations assist with the State and Local taxes. Many times dealing with Corporate Tax Law, it can be confusing and seem complicated. Read below where Experts have answered questions regarding Corporate Tax Law and corporate tax deduction questions.

How can a person obtain business tax returns when needing financial quarterly reports?

If a person has filed for the tax returns and wants the copies of the tax returns; then the person will be able to retrieve the returns. A person will be able to receive a transcript of the business tax years from up to 7 years prior. The transcripts are free of charge. If a business return is older than 7 years then the returns are most likely on microfiche, which means there is a fee to be paid to retrieve the returns as well as filing a Form 4506. After this is done, it may take 4-6 months to receive transcripts. The Form 4506 can be received at: http://www.irs.gov/pub/irs-pdf/f4506.pdf.

When posting estimated corporate tax payments; are they posted in an asset account, expense account, or to a previously set up Liability account?

The corporation can post the estimated tax payments to an account that has tax liability. If there is no tax liability account that is set up then the person in the corporation will record tax payments as being prepaid corporate tax accounts. After 12 months has passed by the person in the corporation will have to record the actual tax liability in the account. The difference between the prepaid tax and the tax liability will show up either in a person’s corporate tax liability or prepaid tax liability if there is a refund that has to be paid out. When the information is recorded by the corporation; it will not affect the account.

How can a person obtain a W3 Form and what are the details that need to be filled in the W3?

It is the form associated with the W-2. On the 29th of February the W-3 forms are to be turned in. By The W-2's must be mailed to the employees by January 31st. A person can obtain W-3's from the Internal Revenue Service. A person may often visit a office supply store to purchase a W-3 form. Most generally a person can go to the accountant that is helping with filing taxes and obtain a copy of the W-3 forms.

What is bonus depreciation?

It is an allowance that is currently 100% bonus depreciation. The bonus depreciation is a type of allowance that is offered either money or as a measure of relief for corporations that want to buy things for the company. http://www.irs.gov/pub/irs-pdf/i4562.pdf. Look at Page 6 Part II for the Special Depreciation Allowance.

The Corporate Tax Law is charged to people that may run a business and in order to operate must file a tax return to keep the business operating. Also it is used to keep the financial stability within the organization together. Many times in order to understand the corporate tax laws, Expert advice is often needed.

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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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16356563
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Recent Corporate Tax Questions

  • I have a client whose "S" corp appears to in fact to be a "C"

    I have a client whose "S" corp appears to in fact to be a "C" corp. He has no records of S-election and we have filed it as an S for the past 2 years. Is there a way to get through this without loads of amending and refiling? I've never filed an S-election late and am unsure of the wording we would use. The tax effect of amending and refiling is likely negligible. The fees is where the client would see the cost. I'd rather avoid it if possible. He understands it is his mistake but I haven't hit him with an estimate of fixing the possible mess.
  • Notice CP42 received 10/21/14 William Foley *********

    Notice CP42 received 10/21/14 William B Foley ********* Refund 0 No Problem BUT 2 major errors 1) Address includes a Joshua A Collier , not ever known by me. 2) reference to tax 0wed on 2011 return I owe NO tax! Please correct these errors. These errors suggest my SSN is being used by someone else fraudulently. Please contact me with resolution of this. William B Foley
  • Hello, I just received paperwork from my employer for a dividend

    Hello, I just received paperwork from my employer for a dividend buyout and have a question about the 28% backup withholding. It says to include my TIN but is my SSN the same? Thanks
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