TaxPersonal TaxIRS 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.

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