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Posted by Miller & Company LLP on 05/24/2020

PERSONAL SERVICE CORPORATION


Description

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

REQUIREMENTS FOR PSC

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

Working Hours:
Monday – Friday: 9:00 am – 7:00 pm;
Saturday: 9:00 am – 4:00 pm, 

Sunday: Closed
Payment: cash, check, credit cards.

Miller & Company LLP
141-07 20th Ave, Suite 101,
Whitestone, NY 11357
718-767-0737

Miller & Company LLP: CPA of NYC
Midtown Manhattan, NY
274 Madison Ave, Suite 402,
New York, NY 10016
(646)-865-1444

Manhattan, NYC
18 East 48th Street, #1001
New York, NY 10017
(646) 367-3726

Washington, DC
700 Pennsylvania Ave, SE, Ste 2050
Washington, DC 20003
(202) 547-9004

Miller & Company CPAs: Tax Accountants
Sarasota, Florida
2831 Ringling Boulevard, #204B
Sarasota, FL 34237
(941) 366-5646
https://www.cpafirmnyc.com
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