Authors may be eligible for proposed IRS regulation on 20% deduction for income from pass-through businesses

Based on proposed regulations issued by the IRS and Treasury that would add a new provision of the Internal Revenue Code allowing owners of sole proprietorships, S corporations, LLCs, or partnerships a deduction of up to 20% of the income earned by the business, writers will be eligible for the deduction, said Robert Pesce, an accountant with Marcum LLP.

“I read the 184-page Proposed Regulations,” said Pesce. “There is nothing in the regs that excludes authors from the deduction or indicates an author is a SSTB [Specified Service Trade or Business category, which is excluded from the deduction]. 

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Proposed IRS regulations issued providing guidance on new 20% deduction for flow-through entities

The IRS and Treasury issued proposed regulations providing interim guidance on the new Section 199A 20% deduction on Qualified Business Income (QBI) introduced under the Tax Cuts and Jobs Act. The law contains a series of complex provisions, definitions and computations, many of which are addressed by the Service. The preamble to the regulations provides that taxpayers can rely on this guidance until such time that final regulations are issued.

This new provision of the Internal Revenue Code allows owners of sole proprietorships, S corporations, LLCs, or partnerships a deduction of up to 20% of the income earned by the business.

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The most useful textbook & academic posts of the week: August 17, 2018

For many of our readers, the academic school year is back in session (or soon will be) and, as a result, our academic writing efforts may be rekindled or, in some cases, complicated by the schedule the academic calendar brings. If the summer “break” has derailed your writing efforts, the first two articles in our collection may provide advice for getting things back on track as you establish a new routine.

If, however, routine isn’t the challenge, perhaps one of the other topics in this week’s list offers guidance. Covered below are topics of compensation for research efforts, OER opportunities in textbook publishing, academic challenges in the Global South, gender gap in citations, and predatory publishing. No matter the challenge you may face this week, remember the opportunity that exists when you write and the reason behind your efforts. As Henry Miller said, “Writing is its own reward.” This week be rewarded and happy writing!

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