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Personal Service Corporations

Generally, a personal service corporation is a regular corporation whose activities are conducted in the field of health, law, engineering, architecture, accounting, actuarial science, performing arts or consulting. These services are primarily performed by owner-employees.

A personal service corporation reports on a regular Form 1120, but is subject to a "flat" tax rate of 35% of all net income . In addition, it may be limited as to its option to choose a fiscal year rather than a calendar year.


 

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Disclaimer
We do not offer legal advice. All information provided on this website is for informational purposes only and is not a substitute for proper legal advice. If you have legal questions, we recommend that you seek the advice of legal professionals.

Tax Disclaimer: To ensure compliance with IRS Rules, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer under the Internal Revenue Code, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein.

Copyright 2017 Wink Tax Services / Wink Inc.
Last modified: January 30, 2017