TaxCycle | Products | Pricing | Training | Documentation | Support | News

PSB in TaxCycle

Hi,

If we have an incorporated client that is a PSB (Personal Service Business), how can we define that corporation as a PSB in TaxCycle?

On the info tab on the Identification section, for the “Corporate type at the end of the tax year” question, I see 1) CCPC, 2) Other private corporation, 3) Public, 4) Controlled by Public company, 5) Other corporation and 6) AB professional.

Do I need to select 2 or 5 from the above? (My guess is 2)

Any other thing to check or do?

Thanks,

A PSB is a CCPC

1 Like

Thanks Cory,

I know that it is a CCPC, actually what I mean is there anyway for TaxCycle to calculate taxes for PSBs automatically or we need to overwrite taxes and income and other calculations in TaxCycle?

How and where can we adjust numbers for PSBs?

Thanks,

PSB net income is reported on Part 6 of Schedule 7, i.e., deducted in the computation of active business income.

1 Like

The corporation type of Public Corporation should work. I tested it and the small business deduction did not show up. It should calculate without overrides.

1 Like

Thanks a lot.
I got it as your direction. It was on S7, Part 6, Line 520.

… and answering the 3rd question on the Info Screen under the “Filing” heading.

1 Like

On the main page under filing section, there is a question saying:

“Is the corporation a personal service business”, you need to says yes or no as per the Client’s situation.

1 Like