Corporate Tax Rate Changes
Corporate Tax Rate Changes
Prior to the passage of the Tax Cuts and Jobs Act, corporations were subject to graduated income tax rates with the highest rate being 35%.
With the implementation of this new legislation, all corporations are now subject to a flat income tax rate of 21%, lowering the rates for some corporations and simplifying the tax calculations for corporations.
To determine how these changes might affect your situation, please consult with your Williams-Keepers advisor.