C Corporation

Most large corporations are classified as C corporations and are required to file a federal corporate income tax return with the IRS every year.

Learn more details about the Corporate Tax Rate here.

Corporate Tax Rates

21%

Accounting

Permits the use of the cash method of accounting for businesses with gross receipts of up to $25 million.

 

The Alternative Minimum Tax (AMT)

The AMT is eliminated.

 

 

Repatriation

Cuts repatriation to 15.5% for cash and cash-equivalent profits and 8% for reinvested foreign earnings. 

 
International Income

Moves to a territorial system with base erosion rules.  This means that income earned overseas will not be double taxed.

 

Personal Services Corporation

Personal services include any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts.

Personal service corporations are subject to a flat tax of 35% regardless of their income.

Deductions

Under the new law passed in 2017 most deductions have been elimianted while some were kept.  View the list of deductions here.

 

Resources

See other IRS Tax Rules (Section t542 of the IRS Code)

See IRS videos on specific tax subjects