On Friday the Treasury Department issued “final regulations and other guidance” to help clarify the application of last year’s tax cut for many owners of sole proprietorships, partnerships, trusts, and S corporations. One closely-watched provision for high-earning authors and other creators, as well as independent publishing professionals such as agents, scouts, publicists and others, is the section that exempts a “specified service trade or business” (SSTB) from taking the new business deduction if the person’s taxable income exceeds $157,500 (or $315,000 for a married couple filing jointly). Among the exempted fields are “the provision of services” in the “performing arts” […]
