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I don't think so. The firm I contract for requires me to work through MBO and use a CPA, which of both have a ton of advice and research on the 199A... See this
by snow_mac 5y ago
I don't think so. The firm I contract for requires me to work through MBO and use a CPA, which of both have a ton of advice and research on the 199A... See this:
> Under the law, most trades or businesses are “qualifying” businesses. However, for certain types of businesses, referred to as “specified businesses,” the deduction is only available to a more limited extent. “Specified businesses” include (among others) any trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, and “any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees.” In particular, there had been considerable concern that the IRS might view the “skill or reputation” clause broadly.
> The proposed regulations, however, take the approach that the “skill or reputation” clause is meant to refer to a “narrow set of businesses,” and generally limits it to people such as reality TV stars, media hosts, and professional gamers, as well as celebrities making money off of product or likeness endorsements.
https://www.mbopartners.com/blog/contracts-finance/section-199a-making-sense-of-the-qualified-business-income-deduction-for-independent-professionals-in-2018/ https://www.mbopartners.com/blog/contracts-finance/section-1...