A Few Hip-Hop Artists Are Claiming That They Can Deduct ‘Making-it-rain’ Expenses for Tax Purposes

As you might expect, TMZ has the scoop and it quotes a number of artists who are currently considering tips for strippers as a legit deduction and therefore a serious tax strategy. And who doesn't love creative tax planning? But how might they rationalize this idea? 

Well, Bizzy Bone considers these young ladies to be like his family:

Bizzy Bone tells TMZ, "I'm giving charity to females who need their light bills paid.  So, of course, that's a write-off.  You write off your kids, don't you?"
Quick, someone please get that man a CPA before he getshimself in trouble.
 
Jim Jones and Daz Dilinger are investigating their own making-it-rain strategies and while Lil' Flip claims he's already doing this, The Game seems to be the only person quoted who's saying something that could, at least theoretically, put this idea in the ballpark:
The Game tells TMZ … making it rain "is good for business and promotion that comes with the lifestyle of a rapper.  They bump our music in a strip club, so me giving the girls a little bit of change to shake their ass — that comes with the business.  Everybody wins."

And if the Scores is best option you have for a conference room, then why not? 

[TMZ]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

CPAs: Make Direct Indexing Your Estate Planning Secret Weapon

Traditionally, the role of accounting professionals in estate planning has been tertiary at best, with clients consulting CPAs only on the tax implications of select decisions—or simply leaving them out of the process altogether.  As you’re certainly sick of hearing by now, however, today’s most successful CPAs are taking on more advisory functions, with one […]