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IRS cracks down on Awards show gift bags
Awards show swag bags are the target of a crackdown by the IRS, and celebs are being asked to sign a letter acknowledging that they are aware they are responsible for paying taxes on the hefty gift baskets. The Academy of Television Arts & Sciences recently sent letters to presenters and nominees expected to appear at this month's Emmy Awards and asked them to sign and return a statement reading, "You are aware of this obligation... We will not be able to present a gift bag to any individual for whom we have not received this signed letter in advance." The letter also said that the Academy is "presently researching the income-tax reporting requirements surrounding gift bags." The Emmy gift bags this year are reportedly worth $27,000 to $33,000, and the Academy hinted that it may have to turn over a list of recipients to the IRS. "Hopefully, the recipients will make whatever decision is right for them," a rep for the Academy said. An industry insider had a different take on the issue, saying, "This is the end of the goodie-bag era. Who would want their name on a list sent to the IRS?"
Awards show swag bags are the target of a crackdown by the IRS, and celebs are being asked to sign a letter acknowledging that they are aware they are responsible for paying taxes on the hefty gift baskets. The Academy of Television Arts & Sciences recently sent letters to presenters and nominees expected to appear at this month's Emmy Awards and asked them to sign and return a statement reading, "You are aware of this obligation... We will not be able to present a gift bag to any individual for whom we have not received this signed letter in advance." The letter also said that the Academy is "presently researching the income-tax reporting requirements surrounding gift bags." The Emmy gift bags this year are reportedly worth $27,000 to $33,000, and the Academy hinted that it may have to turn over a list of recipients to the IRS. "Hopefully, the recipients will make whatever decision is right for them," a rep for the Academy said. An industry insider had a different take on the issue, saying, "This is the end of the goodie-bag era. Who would want their name on a list sent to the IRS?"
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