Singer Burke’s Managing Partner, Matthew Burke, was interviewed for a recent article in The Hollywood Reporter to discuss how the new tax law’s heightened restrictions on entertainment and dining deductions affect our clients:
“It raises more questions than it answers, says business manager Matthew Burke of the change, explaining that it likely was a result of the IRS having difficulty drawing a line between personal and business entertainment.
Awards-season soirees could be affected, too, depending on whether lawyers and accountants can finesse the expenses into other categories. Premiere parties seem like a logical fit to qualify as a “promotional” expense, but some events would be a harder sell to the IRS. “People are going to be really careful if they’re budgeting an Emmys party or a wrap party,” says Burke. “They’re not going to get the same deduction they used to get.”