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Specified Service Trade or Business

Specified service trade or business is any trade or business providing services in the fields of:

  • Health-physicians, nurses, dentists, veterinarians, physical therapists, psychologists, and other similar healthcare professionals

  • Law- lawyers, paralegals, legal arbitrators, mediators, and similar professionals

  • Accounting- accountants, enrolled agents, return preparers, financial auditors, and similar professionals

  • Actuarial science- actuaries, and similar professionals;

  • Performing arts- actors, directors, singers, musicians, entertainers, and similar artists

  • Consulting- providing advice and counsel with the intention of influencing decisions made by a government or governmental agency and all attempts to influence legislators and other government officials on behalf of a client by lobbyists, and other similar professionals

  • Athletics- athletes, coaches, and managers in sports such as baseball, basketball, football, soccer, hockey, martial arts, boxing, bowling, tennis, golf, snowboarding, track and field, billiards, racing, and other athletic performance

  • Financial services- managing wealth, advising clients with respect to finances, developing retirement plans, developing wealth transition plans, the provision of advisory and other similar services regarding valuations, mergers, acquisitions, dispositions, restructuring (including in title 11 or similar cases), and raising financial capital by underwriting, or acting as a client’s agent in the issuance of securities, and similar services

  • Brokerage services- arranging transactions between a buyer and a seller for a commission or fee such as stockbrokers, real estate agents and brokers, insurance agents and brokers, and intellectual property brokers;

  • Investing and investment management in which a fee is received for providing investing, asset management, or investment management services, including providing advice with respect to buying and selling investments

  • Trading- the trade or business of trading in securities, commodities, or partnership interests

  • Dealing in securities- dealing in securities, commodities, or partnership interests 

  • Any trade or business where the principal asset is the reputation or skill of one or more of its employees, including: 

    • Receiving fees, compensation, or other income for endorsing products or services

    • Licensing or receiving fees, compensation or other income for the use of an individual’s image, likeness, name, signature, voice, trademark, or any other symbols associated with the individual's identity  

    • Receiving fees, compensation, or other income for appearing at an event or on radio, television, or another media format. 

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