Corporation tax, also known as corporate tax, is a tax levied on the profits earned by companies and businesses. It is a direct tax imposed on the income or capital of corporations or entities that are taxed as corporations. The tax is usually calculated as a percentage of the company’s profits after accounting for any allowable deductions or expenses.
Capital accountants typically follow a standardized process to prepare and file taxes for corporations. This process may vary slightly depending on the individual circumstances of each corporation, but generally includes the following steps:
1-Gathering Information
2-Reviewing Financial Records
3-Calculating Taxable Income
4-Applying Tax Laws and Regulations
5-Filing Tax Returns
6-Providing Tax Planning Advice
