IRS Reaches Agreement on Gift Bags

Guests who attended the Golden Globe Awards last year received lavish gift bags that included jewelry, electronics and even trips. To ensure that that recipients pay taxes on such gifts and promotional items the IRS reached an agreement with the Hollywood Foreign Press. The agreement now requires that gift bag recipients be issued appropriate tax forms from the Hollywood Foreign Press so that the recipients can include such gifts in their income taxes. For more information visit the IRS’s website.