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Trendy denim jeans, Mikimoto pearls, and all-inclusive vacations are things we all get (SWAG)... at least you do if you're famous.
"SWAG" is the most desired buzzword among the multitude of Hollywood's rich and famed. Yet, the ending of swag may very well be in sight. Stars are now at the whim of the Internal Revenue Service and gift tax in relation to award ceremony swag bags and gifting suites.
When issuing swag and "gifting" celebs, companies will donate tens of thousands of dollars in wares and programs with the expectation the stars could possibly implement their goods. Presenters at shows including the Academy Awards or the Emmys have accepted luxurious items such as designer wrist watches, seven-day Hawaiian getaways, and fitness center memberships. It is uncommon in Hollywood to spot a swag bag priced at less than $20,000. At the 2010 Academy Awards, presenters got bags worth more than $100,000.
Even so, Internal Revenue Service gift tax laws are precise in the total amount a person is authorized to offer free of it being taxed. As of January 1, 2009, an American is authorized to award close to $13,000 in either funds or wares at fair cost.
The Internal Revenue Service has finally begun to crack down on carefree gifting. In lieu of giving up almost $1.9 million to untaxed SWAG bags, the IRS at present requests that swag is required to be counted as income. In March at the Academy Awards, stars taking swag needed to sign a contract saying they acknowledged these items as profits and would probably be taxed on it. These complications by the IRS have caused the Academy of Motion Picture Arts & Sciences, producers of the Academy Awards, to discontinue gift bags at the award ceremony next year.
Might celebs deduct these as business deductions? After all, their image is their business and their image has to be looked after. Hardly any personalized stuff might be deducted as "business" deductions: Sports stars might deduct workout machines; musicians could write-off their instruments, etc. Having said that, fitness trainers, personal security, and stylists aren't deductible due to the personalized nature of their services. Bearing in mind the hundreds of thousands of dollars spent every single year on those services, I'd like to think a number of celebs are weeping into their cocktails.
It's difficult to say if this marks the death of gift bags. With an ever-growing list of over due celebrity taxpayers, giving the Internal Revenue Service more options to tax them would appear disadvantageous. But what's a celeb to do, actually pay money for his customized Fendi eyeglasses?
There are methods that celebs can offset the revenue of giveaways. Many athletics stars have donated cars and non-cash prizes that they win to non-profit organizations, counterbalancing the earnings with the expense of the contribution.
I am not going to say the Internal Revenue Service likes focusing on stars, but high-profile tax seizures and liens on celebs provide tax agency media exposure they could not purchase. The publicity they receive from taking A-list celebrities like Pamela Anderson and Sean Combs down a peg only appears to bolster the American peoples basic anxiety of the Internal Revenue Service
As they say in Hollywood, any publicity is good publicity.
If you are needing to speak with a tax specialist about your exact tax problem, IRS-Tax-Settlement-HQ.com right now and get started on your IRS tax resolution.
Article Source: https://EzineArticles.com/expert/Sandy_Hansen/551667
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