Tax Reform in This Election Year: It's Not Likely
Which Credit Card Rewards Does the IRS Care About?The National Football League fined New England Patriots head coach $500,000 for cheating and now, according to experts, he will be able to take is a nice tax deduction.
While I'm no tax expert, it seems wrong that he should be able to do that.
According to Myron Grauer of Capital University Law School, "Because, unfortunately, in this day and age, it probably is 'ordinary' for coaches and players in professional sports to cheat and, if caught, to be fined by the league, the fine levied on the Patriots' coach can be viewed as an ordinary and necessary business expense."
Wonderful. So now parents can explain to their 9-year old Patriots fans that cheating is just an ordinary and necessary part of conducting business.
Free Jeff Skilling!
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