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

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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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