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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMy friend who still pines for Bush blames Obama for taking away his beer money
Can DU put on its sharp-looking thinking cap and assist in my memory?
My friend, let's call him Joe the Bummer, said that under Obama he lost the writeoffs he used to "do business with".
Joe was a tour manager for many country musicians you've heard of, and he met a lot of them in "business meetings" where current clients would introduce him. As manager, with an entertainment budget, and a per diem, and band to feed, they consumed alcohol at these "business meetings" where the expense was written off.
Joe is bummed that Obama took his beer money.
What gives? Why do I learn this from a Bush Leaguer? Did I miss the loophole memo?
(BTW, Joe has bought me a beer before. With no writeoff.)
Enrique
(27,461 posts)7wo7rees
(5,128 posts)It's like they don't know how to support their position with facts, but they've got a solid case. It was his fault.
So, WAS there some legislation Obama passed that made it impossible for business writeoffs for booze?
sadbear
(4,340 posts)Historic NY
(37,454 posts)arcane1
(38,613 posts)I can't imagine how a business expense account translates into one's personal pocket money. Maybe his employer is the one who stopped paying for his "business meetings"
7wo7rees
(5,128 posts)What act of Congress did he sign that makes it HIS fault?
agent46
(1,262 posts)Never fuck with a man's beer money.
struggle4progress
(118,379 posts)until 1993, and have since been 50% deductible.
Topic 512 - Business Entertainment Expenses
http://www.irs.gov/taxtopics/tc512.html
What Entertainment Expenses Are Deductible?
You cannot claim the cost of your meal both as an entertainment expense and as a travel expense.
Meals sold in the normal course of your business are not considered entertainment.
http://www.irs.gov/publications/p463/ch02.html#en_US_2011_publink100033878
The rules here seem rather complicated, and they seem even more complicated due to Joe's involvement in the entertainment industry, perhaps depending on whether the expense is direct or associated, whether the expense is covered by a per diem reimbursement, whether the expense falls upon an entity that regularly provides food or entertainment, etc etc
My own guess is somebody's accountant or tax attorney said something like, OK, I know you've been doing this your way for years, but my advice is DON'T DO IT THAT WAY ANYMORE! and Joe's reaction was Well, it must be Obama's fault! Fuck Obama!
7wo7rees
(5,128 posts)So for all the thought that was put into this by you and me was wasted on someone's unthought-out position.
The problem with arguing with stupid people is they drag you down to their level, and then beat you with experience.