A CPA practice that is incorporated earns 40% of its annual revenues in the months of March and April. Although the CPA practice is a professional services corporation (PSC), it may use a fiscal year ending April 30th.

Question

Quizplus · Accepted Answer

The statement is true. A PSC can use a fiscal year-end of April 30th, and it is not restricted to a December 31st year-end like regular corporations.

A CPA Practice That Is Incorporated Earns 40% of Its