I have been put in charge of the corporate events this year and I guess it is not exactly the worst job in the world. Of course we are a huge outfit and we do a lot of entertaining. The corporate big wigs like to look like the life of the party for their clients, it makes a lot of sense. For instance they used to have these wine parties in NJ and they would usually get some guy just a little bit buzzed on the grape and they would inevitably come out of it with some big sale. You can find a lot of wild stories about different business deals that evolved over drinks at a party. I know this one story about a guy who said that he made the biggest deal of his life, but the guy woke up the next morning with a huge hangover and absolutely no recollection of having spoken to him. Obviously when you do business like that you are taking a little risk, especially if the guy is prone to say whatever when he is drinking and forget it when he sobers up.
The basis idea is that you want to be as friendly as you can with the guys who sign the checks. Of course all of this is tax deductible. That is the big thing about this stuff. The boys in accounting want to be sure that you can keep perfect receipts. If you keep good records you are going to be okay no matter what. If you do not keep records that you can really be sure of then you are really taking chances with the wrath of the IRS. You want to deduct it all, but you do not want to do any stuff that gets them sniffing around.