[Punk Rulez]

If anyone is that interested, here is the law in grand detail. I should have looked here first myself.

http://www.ct.gov/drs/cwp/view.asp?a=1514&q=268482

[Punk Rulez]

enforcer wrote:

So wait, PGW is BREAKING THE LAW?!?

They absolutely are!

[enforcer]

Man, this is gonna get good now.

[GrayGhost]

http://www.ct.gov/drs/cwp/view.asp?A=1511&Q=267306

Im sure promoters are familiar w the tax. Similar to sales tax, I would feel that a promotion can charge this fee, as PART of the ticket price. Thusly, they can then reimburse the government. As an example. if someone has 200 admissions at 10 dollars. Rather than report 2000.00 and "eat the cost" of the 200.00 admission tax, they can take 2000.00 /1.10 for the taxable amount subject to admissions on their return, and pay the tax that way.

Similarly, w sales tax, if u purchase an item, say at a flea market, and someone charges you five dollars, and no tax. Then when the seller filed their return, they would have taxable sales of 5.00 LESS the tax, and then pay the tax that way, instead of an "add on" to the sale to the customer.

Thusly, there is no proof PGW or any other promotion that runs in CT is breaking the law. Its that simple.

[enforcer]

[Big Time Wrestling]

Honestly, I'm not sure how many promoters are aware of this. I only became aware because the venue (a corporate owned facility) informed me.
I think I should get some sleep to be ready for the Ugandan giant.

[GrayGhost]

Kamala is gonna DESTROY Mr TA

[Punk Rulez]

GrayGhost wrote:

http://www.ct.gov/drs/cwp/view.asp?A=1511&Q=267306 Im sure promoters are familiar w the tax. Similar to sales tax, I would feel that a promotion can charge this fee, as PART of the ticket price. Thusly, they can then reimburse the government. Similarly, w sales tax, if u purchase an item, say at a flea market, and someone charges you five dollars, and no tax. Then when the seller filed their return, they would have taxable sales of 5.00 LESS the tax, and then pay the tax that way, instead of an "add on" to the sale to the customer. Thusly, there is no proof PGW or any other promotion that runs in CT is breaking the law. Its that simple.

I’m not too sure about that ghost. I don’t have any ticket stubs from PWG or other smaller promotions on hand to check but the ticket or other right to admission which states the price of the admission shall state the amount of sales tax imposed or contain the words "tax included" or "tax incl." pursuant to Conn. Gen. Stat. §12-408(4).

I don’t believe these words are on their tickets.

I see where you are going with the flea market sale comparison but I don’t think it would hold water if IRS were to investigate this. So if PWG claims of 275+ attendances are true, the state is sure as hell going to want their cut.

[GrayGhost]

I believe the IRS repealed an admission tax years back. Again, I can't recall any shows in CT stating those words you mentioned. If DRS did an audit and 275 tickets were sold at 10.00. they would expect 275.00 for their admission tax. So, if they didn't do the Sales tax method, then the promoters would end up eating the fees, as TA stated.

That said, it still does NOT mean the tax isnt being paid to some reasonble fashion. Im not just saying this cause I like PGW or anybody else, Im just trying to be fair. I don't think the DRS cares as long as they get their money.

You do bring up one excellent point. Perhaps the tickets should CLEARLY state..Admission 15.00 includes CT 10 pct admissions tax, just to cover themselves.

[Punk Rulez]

IRS may have to pay a visit and go thru the books. I know PGW is not the only one but I would not want to be in any promoter’s shoes that are “not up to date”. I would not want a visit from this man!

[GrayGhost]

Ah, Mr Schyster. One of my all time favorites.

[WRESTLE JAM]

Terry is right about the CT sales tax. I was informed about it 2 years ago and have since filed every month for admissions, and quarterly for sales. The IRS is one enemy I do not want at all.

[Punk Rulez]

WRESTLE JAM wrote:

Terry is right about the CT sales tax. I was informed about it 2 years ago and have since filed every month for admissions, and quarterly for sales. The IRS is one enemy I do not want at all.

I also know promoters from days past (and some current) that used this to their advantage.

#1 Charging sales tax so they were not breaking the law, thus, not has to worry about it hanging over their head.

And more importantly

#2 If the shows did not do well in terms of a gate (running at a loss). They claimed it as a loss on their personal yearly income tax filing.


So now that we are on this topic, I wonder what promotions we know today are paying tax on their shows and which are not.

[Superstar Steve]

Punk Rulez wrote:

WRESTLE JAM wrote: Terry is right about the CT sales tax. I was informed about it 2 years ago and have since filed every month for admissions, and quarterly for sales. The IRS is one enemy I do not want at all. I also know promoters from days past (and some current) that used this to their advantage. #1 Charging sales tax so they were not breaking the law, thus, not has to worry about it hanging over their head. And more importantly #2 If the shows did not do well in terms of a gate (running at a loss). They claimed it as a loss on their personal yearly income tax filing. So now that we are on this topic, I wonder what promotions we know today are paying tax on their shows and which are not.

Just a suggestion. Let's leave promotions' finances to the promoters and not draw attention to their tax paying practices? What possible good can come of this?

[GrayGhost]

You are right STeve. I got caught up in this after a long dull night, and like Punk, am "in the business" and familiar w all this. The promoters can deal with things themselves, and handle it. Thats all.

[Big Time Wrestling]

Agreed 100%. This started as simply a respomse to explain that the sales tax is not a "bogus" charge. Let's drop it for everyone's good.

[ridave]

GrayGhost wrote:

You are right STeve. I got caught up in this after a long dull night, and like Punk, am "in the business" and familiar w all this. The promoters can deal with things themselves, and handle it. Thats all.

May 17th 2008 will go down in history as the day two accountants killed CT independent wrestling.

[GrayGhost]

No indy scene has been killed at all.

[the lifeguard]

I thought Milano,Knight and LaChance basically killed the ct indy scene a while ago?

[HarroldBeans]

I didn't state the admissions tax is bogus. I find it interesting that you put on a show back in March w/out that tax and did not have that included in the June date in March up until April something I believe. That is really about that.

Yes,TA, I have traveled to Danbury and purchased the tix at the box office. I phoned in to the arena prior to my arrival to check up on the status of tix availability. to that area to pick up my tix.

Did the concept of having realtives in that area help you out? If I travel over to that area and walk up to the door and find out tix are sold out. I won't put up a fit.

I seek not to "complain" about anything to make comments. So focus on you're wrasstling match instead of us posters.

[Volture]

ridave wrote:

GrayGhost wrote: You are right STeve. I got caught up in this after a long dull night, and like Punk, am "in the business" and familiar w all this. The promoters can deal with things themselves, and handle it. Thats all. May 17th 2008 will go down in history as the day two accountants killed CT independent wrestling.

[HarroldBeans]

Where's Brother Love when ya need him. He'd solve all world's problems.

[GrayGhost]

Here ya go..hehe

[Volture]

First IRS and now Brother Love. This thread is old school

[Purist]