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)
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?
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.