The IRS’s new enforcement of the tax rules on Hollywood swag was a major topic of conversation at last night’s Emmy awards:
Last night’s most popular subject was the sumptuous gift bags given to Emmy presenters, valued at $30,000 or more, which the federal government now intends to tax as income.
- Conan O’Brien: "The Bush administration keeps sticking it to the working man."
- Greg Garcia: "[I have] no opinion on [the tax treatment of the gift bags] whatsoever. I agree they should go to some sort of charitable organization."
- Jeremy Irons: "You shouldn’t have to pay taxes on anything. That’s my stand."
- Jeremy Piven: "I think the goody bags should be sent to New Orleans. Wouldn’t that be great, don’t tax them, just give it to them (people of New Orleans)."
For more, see:
- Boston Globe: Presenters May Find Their Role More Taxing
- ContactMusic.com: Government Tax on Gift Bags Causes Controversy
- Reuters: Taxable Loot Awaits Emmy Presenters
- San Diego Union-Tribune: Gift bags Had Tongues Aflutter
- U.S. News & World Report: When is a Gift Taxable?
Recent TaxProf Blog coverage:
- USA Today on IRS-Hollywood Swag Accord (8/24/06)
- IRS and Hollywood Reach Accord on Gift Bags (8/18/06)
- Tax Consequences of Hollywood Swag (8/14/06)
