Guests to 'walk the line' on Oscar goodies bag
IRS looking to claim £17,500 in taxes on awards gift bag
IRS looking to claim £17,500 in taxes on awards gift bag
Anyone fortunate enough to attend the Academy Awards ceremony over the
weekend could be hit with a hefty tax bill on the value of the items they
received in what must surely be the most lavish of all show bags.
Guests who took home gift-packed bags from the Oscar ceremony may have to pay
$30,000 (£17,500) in taxes on their new acquisitions, the Inland Revenue Service
has said.
According to reports from the US, the bags include included a $7,000 (£4,000)
Victoria’s Secret underwear set and a coupon for LASIK surgery, worth
approximately $100,000 (£8,000).
The IRS has declared that the bags given to Oscar attendees count as taxable
income.
IRS commissioner Mark Everson is reported to have said: ‘We want to make sure
the stars “walk the line” when it comes to these goody bags.’
The numbers you crunch tell a story. Your expertis...
18yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article