IRS reaches out to Hollywood

IRS reaches out to Hollywood

Academy Awards reaches agreement with US taxman

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.

Related Articles

Supreme Court rules against Pimlico Plumbers in landmark employment case

Legal Supreme Court rules against Pimlico Plumbers in landmark employment case

1m Alia Shoaib, Reporter
Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

2m Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

4m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

5m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

7m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

8m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

9m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

9m Emma Rawson, ATT Technical Officer