Harold Hancock commented on tax strategies for specified services businesses.
According to IRC Section 199A, a specified service trade or business is "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, or 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."
The definition is both helpful and not helpful.
"Many of these categories clearly define what businesses are an SSTB and what businesses are not," but it also leaves many businesses undefined, says Harold Hancock.
Click here to read the entire article.