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In the Zone: Tax Zone
March 17, 2010    
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Editor's Note
Gail Perry, CPA, Managing Editor For years our national royalty (i.e. Hollywood celebrities) have received generously-filled gift bags when they arrive at the annual Oscar-fest, tens of thousands of dollars worth of goodies to add to the thrill of their glamorous night. As gifts, the contents of these bags are not subject to income tax. However, the IRS has taken the position in recent years that these aren't gifts at all but a form of compensation for the stars who participate in the event. The IRS requires that the companies providing the items also provide 1099 forms, and some of the celebs reject the bags altogether. What do you think? Feel free to add your comments at the bottom of our Oscar article.

Best wishes,
Gail Perry, CPA
Managing Editor
editor@accountingweb.com
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Oscar swag bags loaded with taxable goodies
Even if you never watch Hollywood’s seemingly endless lineup of awards shows, you’re probably aware that the celebrities who appear on those programs are thanked with gift bags loaded with expensive items.
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Update: Bad guys plead guilty in two separate cases
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