I'm so confused. Are you guys telling me that this new tax cut is eliminating a tax loophole for big business? I don't believe it. I'm sure all the new season ticket holders will be Russian.
I'm so confused. Are you guys telling me that this new tax cut is eliminating a tax loophole for big business? I don't believe it. I'm sure all the new season ticket holders will be Russian.
Lardsin must go!
If you do not participate in priority seating, 80/20 rule, will your TM contribution then be 100% deductible like it is now not belonging to priority seating?
"Sometimes a concept is baffling not because it is profound but because it is wrong" E. O. Wilson
"I'm not crazy my mother had me tested". Sheldon Cooper
My boss hates it when I shorten his name to Dick, mainly because his name is Steven.
"Sometimes a concept is baffling not because it is profound but because it is wrong" E. O. Wilson
"I'm not crazy my mother had me tested". Sheldon Cooper
My boss hates it when I shorten his name to Dick, mainly because his name is Steven.
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Years ago, suite holders at the Ralph and the dome were audited to see if they were deducting the suite costs. At the time, it was a non deductible item, but many business' would deduct as a business expense. If you look at the suite holders currently, many have the signage around the fargodome. So instead of paying for the suite, the cost was deemed advertising.
As for the 80/20 rule and does it impact the business? I could see the amount classified as promotion or advertising versus "donation"
The biggest issue with this new tax bill is compliance. It is a drastic change fundamentally in many areas, as such rules, guidance and regulations need to be written. That may take years. Secondly, enforcement doesn't exist since the IRS has been downsized. In no ways to advocate incorrect tax positions, but in most cases an alternative exists if you structure properly as a business.
I doubt a huge number of people will be giving up their season tickets just because their deduction will be less. Tax deductions from charitable donations is simply an added perk and not the main reason for donating. The main reason you give $1,000 to get tickets or give $1,000 to the United Way is because you want tickets and want to help the community, not just for the tax benefits.
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