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Taxes Newsbeat

Monday, July 30, 2018

As Companies Lose Tax Deduction for Tickets, Baseball May Pay the Price

One point not mentioned in the article: Much involving the rush for new facilities (in baseball and other sports) in the last few decades has involved trying to increase luxury boxes, and to otherwise appeal to this corporate audience. If they stop buying tickets, does the demand for new facilities decline?

Also as a side-note: I’ve used the print version of the headline rather than the online one- felt it was a lot clearer, and it didn’t violate Betteridge’s Law.

Tyler Graffeo, the president of Interstate Truck Center, generated a lot of business while entertaining clients in luxury suites at Royals baseball and Chiefs football games in Kansas City, Mo., the past three years.

But on Jan. 1, something changed that helped push Graffeo to give up at least one of those suites. Built into the Tax Cuts and Jobs Act, which went into effect this year, was a provision stripping out the 50 percent deduction for business entertainment expenses from the tax code.

Until this year, the $200,000 spent on the seats in a suite at the Royals’ Kauffman Stadium effectively cost the business $100,000, and a concern like Interstate Truck Center saw the expense as an investment in happy clients. The team, of course, funneled that money toward its profit margin, general expenses and player payroll.

 

QLE Posted: July 30, 2018 at 08:22 AM | 18 comment(s)
  Beats: revenues, stadium issues, taxes, tickets

Tuesday, June 19, 2018

How Major League Teams Are Using Bobbleheads to Skirt Tax Laws

The Ohio Supreme Court heard arguments last Wednesday in a dispute over taxes on promotional items purchased by the Cincinnati Reds and offered to fans through promotional ticket packages. Ohio state law exempts companies from paying taxes on items they buy and resell, but the issue is whether promotional items like bobbleheads are being sold as part of a ticket package or given away in an effort to increase ticket sales. Simply put, if the team gives away bobbleheads, they pay tax. If they sell them with the ticket, they do not.

Bote Man the walk-off king Posted: June 19, 2018 at 08:05 PM | 16 comment(s)
  Beats: bobbleheads, money, screwing taxpayers, taxes

 

 

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