QPSC

(redirected from Qualified Personal Service Corporation)
AcronymDefinition
QPSCQualified Personal Service Corporation (company designation)
QPSCQueens Park Soccer Club (Australia)
QPSCQuark Publishing System Classic Edition
QPSCQuality in Pediatric Subspecialty Care
References in periodicals archive ?
An exception permits the use of the cash-basis method by a corporation that is a qualified personal service corporation (PSC) under Sec.
The Tax Court did not break up consolidated taxable income and allowed graduated corporate income tax rates for an affiliated group that included a qualified personal service corporation (QPSC) that by itself would have been subject to a flat 35% rate.
When a corporation is a qualified personal service corporation, it may use the cash method regardless of its gross receipts.
However, the Service determined that A is a qualified personal service corporation (PSC) subject to the flat 35% rate in Sec.
A qualified personal service corporation is defined as one where substantially all activities involve the performance of services in the fields of health, law, architecture, engineering, accounting, actuarial science, performing arts or consulting.
448 (a) and (b) require a corporation to use the accrual method in computing taxable' income, unless it is (1) a farming business, (2) a qualified personal service corporation or (3) a corporation with average annual gross receipts for the most recent three-year period of $5 million or less.
8] Qualified Personal Service Corporations may use the cash method of accounting, regardless of size.
Under section 448(b), certain farming businesses and qualified personal service corporations are exempt from the accrual-method requirement.
448 generally precludes C corporations from using the cash method, except for farming businesses, qualified personal service corporations and entities with gross receipts of $5 million or less.
Occasionally, the IRS grants exceptions to C corporations (provided the average annual gross receipts are less than $5 million), qualified personal service corporations (as defined under Sec.
They have relied on the exception to the accrualbasis requirements for qualified personal service corporations (QPSCs) provided by Sec.
Two of those exceptions are: (1) C corporations with less than $5 million in average annual gross receipts for a three-year period (gross receipts test) and (2) qualified personal service corporations (QPSCs).
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