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corporate income tax
(redirected from Corporate tax)

   Also found in: Financial, Wikipedia, Hutchinson 0.10 sec.

corporate income tax

Tax imposed by public authorities on the incomes of corporations. Virtually all countries assess taxes on the net profits of corporations; most are flat-rate levies rather than extensively graduated taxes. A corporate income tax was adopted by the U.S. government in 1909; three-fourths of the states also levy corporate income taxes. See also capital gains tax; income tax.



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In connection with the Committee on Finance's June 13 hearing on several "hot button" issues including "disclosure of corporate returns," I write to express Tax Executives Institute's opposition to public disclosure of corporate tax returns.
Corporate Tax Audit Survival--A View of the IRS Through Insider Eyes, by Cliff Jernigan (Olive Hill Press, 2005), shows how to conduct a successful audit, and how to keep changes (if any) to a minimum.
To increase the transparency of corporate tax return filings, the Treasury Department and IRS released a draft of the final version of the Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More, for use by certain corporate taxpayers filing Form 1120, U.
 
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