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A personal service corporation is a corporation that is created to provide personal services to individuals or groups. It is a taxing entity set up under Internal Revenue...
Based on your Form 1120, your business may be a qualified personal service corporation. − any person who acquired the stock of the corporation because of the death of an employee or retiree (but only for the 2-year period beginning on the date of the employee’s or retiree's death.)
A personal service corporation is a company which, as the name suggests, provides personal services. These services span a wide variety of endeavors in many fields, and are specified for tax purposes in the United States by the Internal Revenue Service (IRS).
A personal service corporation (PSC) is a type of C corporation (C-corp) where the owners provide service personally to people or groups. A qualified PSC is where employees providing substantially all the professional services own at least 95% of the stock.
A personal service corporation is a distinct business structure, recognized and regulated by the Internal Revenue Service (IRS). These corporations are specifically created to offer personal services to individuals or groups.
A personal service corporation is a C corporation that performs services in the professions listed in Sec. 448(d)(2)(A) and substantially all of the stock of which (by value) is held directly or indirectly by employees of the corporation and certain other persons as described in Sec. 448(d)(2)(B).
The terms professional corporation (PC) and personal service corporation (PSC) are often confused. Both are corporations and both are owned by professionals such as attorneys, CPAs, architects, doctors, and others.
A personal service corporation is a person or group of people who establish a legal entity by filing articles of incorporation with the state's secretary of state granting it certain legal powers, rights, privileges, and liabilities.
According to the IRS, a personal service corporation is an organization whose primary activity is to offer personal services delivered by its employee-owners. Personal services might include: Architecture. Accounting. Actuarial science. Consulting. Engineering. Health, including veterinary services. Law. Performing arts.
A personal service corporation refers to a corporation whose principal activity is the performance of personal services. In a personal service corporation, the personal services are substantially performed by the employee-owners.