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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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