- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
This program focuses on the various definitions of a personal service corporation and the special rules that apply to each, including the method of accounting, the flat tax rate applicable to personal service corporations, the required and optional accounting periods, special rules for 52-53 week years, passive activity limitations, and reallocation of income, deductions, and tax attributes between a personal service corporation and its employee-owners.
This course is most appropriate for the professional with detailed knowledge of Form 1120 who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
define a personal service corporation, and
explain the rules and requirements that apply to such entities.