Resources
Tax Resources
| Tax Laws & Guidelines Sports & Event Tickets |
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The Internal Revenue Code imposes rules on the tax documentation and deductibility of tickets
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| Tax documentation = Tax deductibility Taxpayers generally struggle with obtaining and maintaining tax documentation |
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Pain Points in Obtaining & Maintaining Documentation
- Impossible to collect necessary detail
- Attendees change at the last minute
- Documenting unused seats
- Too many transactions
- Changes in users of tickets
Problems created by a lack of a system or internally built system
- Reliant on someone “policing” tickets
- No methodology used consistently leads to inconsistent results
- Hardcopy documentation and reporting is impossible to maintain and store
Solutions to Obtaining & Maintaining Proper Documentation
Any potential solution must:
- Easily collect required tax documentation detail
- Accurately track required tax documentation
- Efficiently report on required tax documentation
- Be available to employees on an as needed basis
- Centralize purchasing, record keeping, and accessibility to information
| Conclusion: Without centralization the entire process is weakened by human error, misunderstanding of tax rules, and inconsistency in application |