Is no executive perk safe from the feds? Now a missed tax payment can result in the loss of your company’s prime sports tickets.
IRS is now claiming the right to seize deposits for seat licenses a company may hold at stadiums and similar venues in order to recover outstanding tax liabilities. That’s the latest according to a legal memorandum. IRS says it has the right to grab those funds through a levy.
In the same ruling, IRS floats the idea that it may also have the ability to seize a company’s renewal rights for sporting events. But the legal ground here is shakier, and even IRS admits it would only be possible in case where the team allows its ticket holders to transfer rights and renewals.