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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. Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% following the passage of the Tax Cuts and Jobs Act of 2017. State and ...
Greatland Corporation is an employee-owned company [1] that supplies preprinted and blank wage and income reporting forms, primarily W-2 and 1099 forms, [2] to small- and mid-sized businesses and tax professionals. Greatland also supplies business checks and specialty forms. [3] It has locations in Grand Rapids, Michigan and Green Bay, Wisconsin.
1. Its principal activity during the “testing period” is performing personal services (defined later). Generally, the testing period for any tax year is the prior tax year. If the corporation has just been formed, the testing period begins on the first day of its tax year and ends on the earlier of: a. The last day of its tax year, or b.
Suppose that a for-profit corporation plans to manufacture and sell an anti-malarial drug and, as part of its business plan, will distribute that drug at low or no cost in African countries. If distribution in Africa is the corporation's sole benefit purpose, the corporation could appropriately be a SP corporation.
An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1] In general, S corporations do not pay any income taxes.
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CSC is a US company founded on January 1, 1899, that provides corporate, legal, and tax services. It is headquartered in Wilmington, Delaware, and has offices in the United States, Canada, Europe, and the Asia-Pacific region. It specializes in business formation, corporate domain management, and providing corporate tax software.
For United States income tax purposes, a business entity may elect to be treated either as a corporation or as other than a corporation. [1] This entity classification election is made by filing Internal Revenue Service Form 8832. Absent filing the form, a default classification applies.