How the 15% Corporate Tax Rate Could Impact Your Business
Former President Donald Trump has proposed lowering the federal corporate tax rate from 21% to 15%, aiming to enhance the U.S. economy’s global competitiveness. This move builds upon the success of the Tax Cuts and Jobs Act (TCJA) of 2017, which reduced the corporate tax rate from 35% to 21%. The proposed cut is designed […]
Why MSOs Aren’t Classified as Personal Service Corporations
Introduction When structuring a business, especially in industries involving professional services, understanding the tax classification of your entity is crucial. A common area of confusion is whether a Management Services Organization (MSO) qualifies as a Personal Service Corporation (PSC) under the Internal Revenue Code. Generally, an MSO is not considered a PSC; however, there are […]