A corporation is a legal entity created by individuals or shareholders that functions as a separate organization from its owners. Corporations have some of the same legal rights as individuals. They ...
An S corp is an organization that has chosen to pass its tax burden to its shareholders, rather than report income, losses, deductions and credits directly to the Internal Revenue Service (IRS).
n 1987 Congress amended the tax law to provide that a personal service corporation (PSC) is not eligible for graduated corporate tax rates. Pursuant to IRC section 11(b)(2), PSCs pay tax at the flat ...
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