Technical topics regarding tax preparation.
20-Feb-2019 6:50pm
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I have a client who is a check cashier. Would this fall under specific trade or business? Thank you.
20-Feb-2019 7:46pm
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Under what field? Are you looking at the list? Are you thinking of under financial services?
I say no.
20-Feb-2019 7:59pm
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21-Feb-2019 6:49am
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It is a
specific trade or business.
Whether or not it's a
specified trade or business...as others have said no it's not.
I would keep Treas Reg §1.199A-5 handy. It's very helpful in situations like this. (except if you're Bob A)
21-Feb-2019 7:00am
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Im ready to convert my practice to a Quickbooks training school and then say the tax work is free, we charge for the schooling.
Obviously joking.....
21-Feb-2019 11:02am
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Thank you for your comments. I thought that a check cashier might fall under the categories of financial services. Did the final regulations take banks out of the SSTB definition?
21-Feb-2019 11:32am
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Although the final regulations continue to exclude taking deposits or making loans from the definition of an SSTB involving the performance of financial services, and exclude the origination of loans from the definition of dealing in securities for purposes of section 199A, the Treasury Department and the IRS do not believe that there is a broad exemption from the listed SSTBs with respect to all services that may be legally permitted to be performed by banks. Therefore, to the extent a bank operates a single trade or business that involves the performance of services listed as SSTBs outside of the de minimis exception, such as investing and investment management, the bank’s single trade or business will be treated as an SSTB. However, as noted previously, an RPE, including a subchapter S bank, may operate more than one trade or business. Thus, a subchapter S bank could segregate specified service activities from an existing trade or business and operate such specified service activities as an SSTB separate from its remaining trade or business, either within the same legal entity or in a separate entity.
. From preamble.
22-Feb-2019 7:29am
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What exactly is a check cashier? Is this a company or an employee?
22-Feb-2019 8:07am
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I'm guessing it's the alternate spelling of check casher -- you know, those money "service" centers.
22-Feb-2019 8:11am
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Thanks. I thought he might have been talking about an employee.
25-Feb-2019 7:20am
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Yes it is a money service business.
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