Final answer:
Both S corporations and Personal Service Corporations can have limited options for available year ends.
Step-by-step explanation:
Both S corporations and Personal Service Corporations can have limited options for available year ends.
S corporations are required to follow a calendar year end, meaning their fiscal year ends on December 31st. However, some exceptions are allowed if the corporation has a valid business purpose for a different year end.
Personal Service Corporations, on the other hand, are generally required to use a calendar year end. This is because they are specialized types of corporations that primarily provide personal services such as accounting, consulting, or health services.