Comments on: Deducting Disciplinary Fines as a Business Expense http://www.fivecentnickel.com/2007/09/25/deducting-disciplinary-fines-as-a-business-expense/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 04:49:32 -0500 http://wordpress.org/?v=abc hourly 1 By: Patrick http://www.fivecentnickel.com/2007/09/25/deducting-disciplinary-fines-as-a-business-expense/comment-page-1/#comment-90116 Patrick Sun, 07 Oct 2007 18:04:22 +0000 http://www.fivecentnickel.com/2007/09/25/deducting-disciplinary-fines-as-a-business-expense/#comment-90116 So I wonder... would this apply to all players, coaches, athletes owners, etc. fined for arguing, getting tossed from a game, etc? If so, I think that is good news for Mark Cuban. ;) So I wonder… would this apply to all players, coaches, athletes owners, etc. fined for arguing, getting tossed from a game, etc? If so, I think that is good news for Mark Cuban. ;)

]]> By: geo http://www.fivecentnickel.com/2007/09/25/deducting-disciplinary-fines-as-a-business-expense/comment-page-1/#comment-86219 geo Wed, 26 Sep 2007 15:12:58 +0000 http://www.fivecentnickel.com/2007/09/25/deducting-disciplinary-fines-as-a-business-expense/#comment-86219 I'd think of it more as a dock in pay than a fine. I'm sure he isn't writing a check for the amount. It will more likely be deducted from future paychecks. As such, it is purely an in-house transaction, implemented by the employer, not a law-enforcement agency, so the law regarding deducting legal fines does not apply. It's more like being docked for being late to work--you are not breaking a law, just a company policy. As for the colleges compensating players, technically YES you should deduct that, just as the player receiving it should declare it as income! Thus such schemes can be construed as breaking the law--tax law. I’d think of it more as a dock in pay than a fine. I’m sure he isn’t writing a check for the amount. It will more likely be deducted from future paychecks. As such, it is purely an in-house transaction, implemented by the employer, not a law-enforcement agency, so the law regarding deducting legal fines does not apply. It’s more like being docked for being late to work–you are not breaking a law, just a company policy.

As for the colleges compensating players, technically YES you should deduct that, just as the player receiving it should declare it as income! Thus such schemes can be construed as breaking the law–tax law.

]]> By: MoneyNing http://www.fivecentnickel.com/2007/09/25/deducting-disciplinary-fines-as-a-business-expense/comment-page-1/#comment-85843 MoneyNing Tue, 25 Sep 2007 16:21:46 +0000 http://www.fivecentnickel.com/2007/09/25/deducting-disciplinary-fines-as-a-business-expense/#comment-85843 This probably is another case of the law protecting only the rich. It's interesting that videotaping is against the rules but if someone just sat there and wrote it down, it probably wouldn't be a problem. This probably is another case of the law protecting only the rich. It’s interesting that videotaping is against the rules but if someone just sat there and wrote it down, it probably wouldn’t be a problem.

]]> By: vh http://www.fivecentnickel.com/2007/09/25/deducting-disciplinary-fines-as-a-business-expense/comment-page-1/#comment-85821 vh Tue, 25 Sep 2007 13:32:50 +0000 http://www.fivecentnickel.com/2007/09/25/deducting-disciplinary-fines-as-a-business-expense/#comment-85821 “The fine was for violating a rule, not for cheating. No professional football game is played without someone breaking the rules. It is expected that people will break the rules.” Yup. And therein lies the reason I don't attend professional sporting events or watch them on television. Ugh! What nasty people! Who wants to watch a bunch of crooks and thugs chase each other or a ball around a court or a field? And for heaven's sake, why PAY to watch them? “The fine was for violating a rule, not for cheating. No professional football game is played without someone breaking the rules. It is expected that people will break the rules.”

Yup. And therein lies the reason I don’t attend professional sporting events or watch them on television. Ugh! What nasty people! Who wants to watch a bunch of crooks and thugs chase each other or a ball around a court or a field? And for heaven’s sake, why PAY to watch them?

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