Corporate tax attorneys assist corporations in understanding and complying with complex tax codes. They help plan tax-saving decisions and coordinate compliance requirements to reduce tax rates and increase margins. Large companies often retain them as permanent staff, while small businesses may hire them on a contract basis.
A corporate tax attorney is an attorney who works exclusively with corporations to help plan and properly assess tax obligations. Corporations are taxed in almost every country in the world, often according to a complex set of corporate tax codes. Taxes levied against corporate and commercial entities are generally not the same as those levied on individuals. A corporate tax attorney works in-house or under contract to help the company understand the tax consequences of its actions and to ensure that all documents meet requirements set by the government.
Corporate tax liabilities can be significant. Businesses regularly have tax obligations with the locality they are located in: the national government more broadly and usually foreign as well if the business engages in any international trade or sales. Although corporate accountants are usually hired to file corporate taxes, corporate tax attorneys are needed to help a corporation make tax-saving decisions and plan restructurings.
Most of a corporate tax attorney’s work involves tax planning and analysis. All taxes are set forth in statutory laws, and corporate lawyers dedicate their practices to following and understanding these laws. They then act as consultants to corporate boards and executive leaders on how to make a company more tax efficient. A business tax attorney will look for applicable exemptions and look for ways in which the company’s practices could qualify for lower tax rates or be modified to fit different, and ideally, lower tax brackets. The attorney will seek to coordinate compliance requirements, reduce tax rates and increase tax margins where appropriate.
Large companies often retain corporate tax attorneys as permanent staff members. Business tax legislation affects all businesses, regardless of industry. A pharmaceutical manufacturing company is just as likely to need a corporate tax attorney as a professional sports franchise, Internet advertising agency, or business consulting firm. Tax attorneys know tax laws and trade exemptions first, and generally learn their employing firm’s trade second.
Small businesses may not have the resources to house independent legal departments, but they generally have no less need for tax planning advice and services. Companies in this situation may choose to hire a corporate tax attorney or a team of attorneys on a contract or project basis. Many tax administration firms make most of their money by contracting out services such as small business tax planning, tax consulting, and even basic corporate accounting. A corporate tax attorney working for a contract firm typically specializes in a certain type of corporate tax law and works exclusively with companies that have needs in line with those specialties.
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