www.golocalezservices.com - golocalezservices.com
Posted by Miller & Company LLP on 05/24/2020



A Personal Service Corporation — also known as a Professional Service Corporation, or a PSC — is a corporate entity formed by successful professionals who provide personal services to their clients. Businesses of this type include:

  • Doctors, including dentists and veterinarians
  • Accounting offices
  • Law firms
  • Engineers
  • Architects
  • Business consultants
  • Actuarial firms
  • Performing arts businesses


For your business to qualify as a Personal Service Corporation in NYC, it must meet several requirements set in place by the IRS. These criteria must be satisfied during a “testing period,” which is often the previous year for tax purposes:

  • You’re an employee-owner of your corporation, providing personal services for (or on behalf of) your corporation on the last day of the calendar year.
  • During the calendar year, you and other employee-owners must perform a minimum of 20 percent of services in person.
  • The principal activity of the corporation is providing “personal services” during the calendar year — all owner-employees must perform at least 20 percent of their business activities within the current tax year.
  • The employee-owners must own more than 10 percent of the fair market value of any outstanding stock on the last day of the calendar year.
  • You must conduct annual meetings and file annual reports — most states require annual meetings of shareholders and officers, with reports that must be filed with the Secretary of State’s office.
  • Your company must file and pay annual franchise taxes — most states require payment of some corporate tax for the privilege of doing business in that state.
  • You are required to maintain updated bylaws — the rules by which your corporation operates. They do not need to be filed, but must be kept by the officers of your corporation.

Read more at https://www.cpafirmnyc.com/personal-service-corporation

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