Tax law on Long Island and the rest of the country refers to legislation that regulates the manner in which the government can collect money from individuals and businesses. Taxes are the major source of government funding but laws are necessary to see that the tax that is taken is fair and just. Tax law on Long Island focuses on who must pay and at what rate can they be taxed. There is legislation within the tax code that deals with all manner of issues including exemptions and how to qualify for them as well as ways to seek remedies in the event of non-payment of taxes due.
This type of legislation is called administrative law because it refers to rules and regulations that are laid down by an agency of the government. In the US, much of the tax law on Long Island has been developed by the Internal Revenue Service, IRS. The IRS governs national tax law; each state has its own tax agency and sets its own tax law as applies in the state.
Although taxes must be paid by both individuals and corporations, the laws that apply to each are quite different. Corporations are usually required to pay a number of different taxes which can include income, sales, property and employment taxes. When the issue is corporate tax law the primary focus is with taxation on corporate income and the distribution to holders of equity and debt. The United States expects every corporation to file an annual tax return with the IRS. The tax payable is based on income made by US corporations anywhere in the world as well as profits made in the US by foreign owned companies operating in the US. Any dividends made to shareholders are subject to tax, the tax is paid by the individual on his or her personal tax return.
The United States taxes corporations at a very high rate; amongst the highest of any country in the world. The objective of US corporate tax law is concerned very much with minimizing the income tax burden imposed on the corporation as well as disputing tax assessments from the IRS. Many US corporations have moved their headquarters to offshore locations which offer a more favorable tax climate, this then focuses the lawyer’s attention on what is the legitimate amount of US taxes since the company is no longer headquartered in the United States.
The tax law on Long Island is extremely complex and legal assistance is often required to preserve and grow wealth. The taxation group of Jaspan Schlesinger Attorneys Law Firm work to accomplish this goal, you are invited to contact the firm for consultation.
