
Attendance at Major League Baseball games this year is reportedly down a little more than five percent over last year’s numbers. While there may be a number of reasons for this, including poor weather and competition with other forms of entertainment, is it possible that the new Tax Cuts and Jobs Act has something to do with it?
Deductions No Longer Allowed
Businesses are purchasing fewer tickets for sporting events. Why would that be the case?
While the new tax law doesn’t affect many standard business deductions, it does curb deductions for the following activities:
- Tickets for any purposes of entertainment, amusement, or recreation
- Suites, boxes, or other facilities used in connection with any of the above
- Membership dues for any club organized for business, pleasure, recreation, or other social purpose
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