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- To be considered a personal service corporation under the United States tax laws, a corporation must meet the following conditions123:
- It provides personal services.
- The owners (acting as employees or independent consultants) perform at least 20% of the personal services for the corporation.
- The owner-employee owns at least 10% of the company’s stock.
- Fifty-one percent of the corporation's service during a given tax year must be personal services.
- The corporation's employee-owners must have performed more than 20 percent of the value of the organization's provided services.
- On the last day of the tax year, the employee-owners must hold more than 10 percent of the corporation's outstanding stocks fair market value.
- Employees must spend at least 95% of their work time on qualified services.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Under the United States tax laws, a corporation can be considered a personal service corporation if it meets the following conditions:
- It provides personal services
incorporated.zone/personal-service-corporation/A corporation must meet certain requirements to be eligible for personal service corporation, including:
- Fifty-one percent of the corporation's service during a given tax year must be personal services.
www.upcounsel.com/what-is-a-personal-corporationFor a corporation to be considered a personal service corporation by the IRS, the employee/owner must perform at least 20% of the personal services themselves, and must also own at least 10% of the outstanding stock in the testing period. An income test requires that employees must spend at least 95% of their work time on qualified services.en.wikipedia.org/wiki/Personal_service_corporation - People also ask
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