Richard Marks Speaks to Bloomberg on Entertainment Industry Tax Deductions
Richard Marks was recently quoted in Allyson Versprille and Matthew Beddingfield’s Bloomberg BNA article “Bruins Case Sets Up Entertainment Industry for Deduction Wins.” The article discusses the Boston Bruin’s recent victory in the US Tax Court, which ruled that the team’s owner could receive full tax deductions for player and staff meals during away games. The ruling has significant implications for the entertainment industry—touring artists and performers will likely be granted similar deductions. According to Richard, it’s unlikely that a special circumstance would allow the deductions to be abused.
‘‘If a producer is spending the money for a celebration or to provide meals before a shoot, and related to the shoot, to me it seems they are valid deductions,” he said.
To read the full article with the rest of Richard’s comments, click here.
Reproduced with permission from Daily Report for Executives, 127 DER (July 5, 2017). Copyright 2017 by The Bureau of National Affairs, Inc. (800-372-1033) <http://www.bna.com>