The Internal Revenue Service will send issued informational tax forms to those who received gift bags for presenting awards at this year's Academy Awards.

This is part of its outreach campaign to the entertainment industry regarding the taxability of gift bags and promotional items and follows an agreement between the tax agency and the Academy of Motion Picture Arts and Sciences.

Recipients will then be responsible for satisfying their income tax obligations.

‘We appreciate the academy's leadership on this issue,’ said IRS commissioner Mark W. Everson, in a statement.

‘The gift basket industry has exploded, and it's important that the groups running these events keep in mind the tax consequences,’ he added.