Tax Compliance Checklist

Checklist:
Sports & Event Ticket Tax Compliance
A Solution Must: Spotlight TMS:
Easily collect required tax documentation All tax documentation is collected in an automated and easy workflow with uniform data
Accurately track required documentation Workflows assure data validation pre and
post-event as well as uniformity of data
Efficiently report on required tax documentation Over 200 real time reports built by the world’s leading auditors. Reports are efficient, easy, and configurable
Be available to employees on an as needed basis Web hosted software accessible with any internet connection. Integrated with CRM’s, inboxes, and mobile
Centralize purchasing, record keeping, and accessibility to information All providers in one place, at the same price, with your compliant workflow and data collection

 

IRS 274: The Deductibility of Tickets and Entertainment
Type of Use Deduction Example
Standard ticket given to an employee on a non-discriminatory basis 100% of face value is deductible Providing tickets to employees
Standard ticket given to a customer or prospective customer for business purposes 50% of face value is deductible Giving tickets to a current customer as a “Thank You” or inviting them to an event to discuss business
Luxury suite ticket given to an employee on a non-discriminatory basis 100% of face value of a comparable lower level seat Providing a luxury suite ticket to an employee allows for a deduction up to the face value of a comparable lower level seat, usually a club seat or front row ticket




*This information is provided for educational purposes only and is not guaranteed or warranted to be accurate or complete. Please consult your tax professional to confirm any expected tax benefits and ensure compliance with IRS regulations. Please contact us if you would like an introduction to the Deloitte Travel, Meals & Entertainment Tax Practice Leader.
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