Level 1

How can I confirm if a composer is a specified service business or not?

Forum|Forum|7 years ago
February 15, 2019
1 reply
12 views

Is there a resource to classify a profession as specified service or not?

Qualified Business Income(QBI)

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Level 15

Review https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs and possibly take some CE on 199A

Answers are easy. Questions are hard!

S

Stephen L Nelson CPA

Level 3

I think you read the final regs discussion of the performing artist category... and then you carefully question your client as to whether he or she spends ~~more than~~ ten percent or more of their time doing performing arts stuff.

Note: The regulations talk about a writer "paid for written material, such as a song or screenplay, that is integral to the creation of the performing arts" ...counting that as a performing arts SSTB (page 83/84 of final regs)... and then other writing as not qualifiying.

BTW, I think the Section 199A cliff is something to watch out for too. Just a little bit too much performing artist activity (or consulting activity) will taint the entire business as a SSTB. (See Reg 1.199A-5(c)(1)...)

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