The IRS yesterday launched an outreach campaign to the entertainment industry regarding the taxability of gift bags and promotional items, following its agreement with the.Academy of Motion Picture Arts & Sciences resolving outstanding tax responsibilities with respect to Academy Awards gift baskets:
- IRS Outreach to Entertainment Industry on Gift Bags (IR-2006-128)
- Gift Bag Questions and Answers
- Academy of Arts and Sciences News Release
Press Coverage:
- TMZ.com: Will The Taxman Kill The Swag Bag?
- Associated Press: IRS, Academy Awards Reach Tax Agreement
- CNN: IRS Brings End to Oscar Swag In Settlement, Stars Owe for 2006 But Are Off the Hook for Prior Years; Academy Says No More Gifts
- E!: Emmy’s Taxing Goody Bags
- L.A. Times: IRS Bags Oscar Swag; Film Academy Ditches Valuable Freebies Given to Presenters After the Agency Rules That They Are Taxable Income
- MarketWatch: IRS Wins Its Own Oscar; Tax Agency, Cracking Down on Goody Bags, Gets Film Industry to Buy In
- New York Times: Hollywood, the IRS Is Watching
- Reuters: IRS Goes After Hollywood "Goodie Bags"
- Time Magazine: Even Stars Have to Pay Taxes; The IRS is Cracking Down on a Hollywood Tradition: Outrageously Expensive Gift Bags
- UPI: IRS Is Taxing Emmy Gift Bags
- USA Today: Oscar Freebies Come at a Cost
- Wall Street Journal: IRS Eyes Gift Bags For Proper Tax Treatment
- Washington Post: Tax Agreement Puts End to Oscar Swag After Settlement With IRS, Academy Says It Will End the Practice
