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We have 3 other definitions for QPSC
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Samples in periodicals archive:
However, the Service determined that A is a qualified personal service corporation (PSC) subject to the flat 35% rate in Sec.
 Qualified Personal Service Corporations may use the cash method of accounting, regardless of size.
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.
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).
In addition, partnerships owned by individuals, S corporations and qualified personal service corporations (such as consultants, engineers, architects, health providers and similar service businesses) are not prohibited from using the cash method, regardless of their size.