Arcadia, CA -- (SBWIRE) -- 09/27/2013 -- Corporate tax rates in the United States are among the highest of any nation in the western hemisphere. The Obama administration is proposing changes to tax legislation in order to repatriate income shifted overseas.
The current U.S. corporate tax rate is upwards of 35 percent, and tax provisions are difficult to interpret. There are numerous loopholes that allow companies with talented accountants and lawyers to substantially reduce their tax liabilities. Critics argue this is unfair for small businesses that cannot afford to circumvent the Internal Revenue Code. It is also detrimental to the financial well-being of the U.S. government.
Obama’s proposal calls for lowering the corporate tax rate to 25 percent and closing loopholes that allow corporations to shift their income. However, certain deductions for property, innovation and hiring new employees will be cut to make up the difference. As a result, the tax corporations pay may stay close to current amounts. The debate over tax legislation grows contentious as lawmakers struggle to revise one of the most complex corporate tax structures in the world.
About Libman Tax Strategy
Libman Tax Strategy specializes in corporate tax return planning and reduction strategies. The company is aggressive in its approach, and personnel use every legal method at their disposal to reduce clients’ tax payments. The firm is also able to assist with a variety of general accounting and bookkeeping tasks. Testimonials and a full list of services can be viewed via the following link: adamlibman.com
For additional information on corporate tax return preparation, please phone (626) 280-6865. The Internal Revenue Code is constantly evolving making it necessary to revise tax strategies. Working with an experienced tax accountant is critical for accurate returns.
Libman Tax Strategy
255 E. Santa Clara Street
Arcadia CA 91006