Pass-Through Rules A Buzzkill For Entertainment Biz Owners
Law360 (October 11, 2018, 8:57 PM EDT) -- The U.S. Department of the Treasury may have to revisit its proposed limitations on who qualifies for an attractive tax break in the sports and performing arts fields amid accusations that its rules are more restrictive than Congress intended.
Major League Baseball and other groups have told the U.S. Treasury that Congress did not mean to exclude owners of professional sports franchises from the 20 percent deduction for pass-through businesses. (AP) Athletes and performing artists were among approximately 10 professions barred from receiving a 20 percent deduction introduced in the Tax Cuts and Jobs Act last year. The deduction applies to income...
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