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Personal services include any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts. [2] A person is an employee-owner of a personal service corporation if both of the following apply: [2] 1.
"the principal purpose for forming, or availing of, such personal service corporation is the avoidance or evasion of Federal income tax by reducing the income of, or securing the benefit of any expense, deduction, credit, exclusion, or other allowance for, any employee-owner which would not otherwise be available," "then the Secretary may ...
Personal service may refer to: Personal service sector of the economy, which delivers services rather than goods; Service of process, delivery of court documents to a person; Personal Services, 1987 comedy film set in a brothel; Taxation. Personal service corporation in United States tax law; IR35, United Kingdom tax law for individuals paid ...
Professional services are occupations in the service sector requiring special training in liberal arts and pure sciences education or professional development education. [1] Some professional services, such as architects , accountants , engineers , doctors , and lawyers require the practitioner to hold professional degrees or licenses and ...
Professional corporations or professional service corporations (abbreviated as PC or PSC) are those corporate entities for which many corporation statutes make special provision, regulating the use of the corporate form by licensed professionals such as attorneys, architects, engineers, public accountants and physicians.
A service provider (SP) is an organization that provides services, such as consulting, legal, real estate, communications, storage, and processing services, to other organizations. Although a service provider can be a sub-unit of the organization that it serves, it is usually a third-party or outsourced supplier.
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The 2007 Budget legislated against Managed Service Companies (MSCs) by removing the associated tax advantages for contractors working through them. Prior to this government action, there were several types of MSCs. One of the most common forms was the composite company, where typically up to 20 contractors became non-director shareholders.