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January 24, 2019

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The New Tax Rate for Corporations

November 12, 2018

 

The 2017 tax reform legislation replaced the graduated corporate tax structure with a flat 21% corporate tax rate.

This new maximum tax rate for corporations is effective for tax years beginning after Dec. 31, 2017.

 

A corporation with a fiscal year, for example July 01, 2017 to June 30, 2018, will pay what is called a blended tax rate. They will not use the flat 21% tax rate for their entire fiscal year.

 

To calculate the blended tax rate, these corporations will:

  • First calculate their tax for the entire taxable year using the tax rates that were in effect prior to the Tax Cuts and Jobs Act.

  • Then calcul