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Entertainment Legal News
IRS, Hollywood Foreign Press Association Reach Agreement On Gift Baskets
The Internal Revenue Service announced today another milestone in its outreach campaign to the entertainment industry regarding the taxability of gift bags and promotional items. The Hollywood Foreign Press Association and the IRS reached a mutually satisfactory agreement that will resolve outstanding tax responsibilities with respect to Golden Globe Awards presenter gift baskets. The Hollywood Foreign Press Association (HFPA) voluntarily approached the IRS last year seeking to clarify the tax issues surrounding the gift baskets, as well as to ensure that any obligations for the prior years were met.
Under the closing agreement, the HFPA and the IRS have settled the tax obligations with respect to gifts given through 2005. Recipients of 2006 gift boxes will be issued appropriate informational tax forms by the HFPA and will be responsible for satisfying their income tax obligations.
Last year, the IRS started an outreach campaign aimed at the entertainment industry. This effort is focused on distribution of celebrity gift bags and goodie bags in conjunction with appearances by the stars at award shows and other gatherings. Such bags can include luxury trips, jewelry and electronics. Dozens of the award shows take place each year. Read more at irs.gov.
Talent is a factor in entertainment
The general term for an artistic contributor to a project, talent usually refers to actors, directors, and writers. In the studio world, atttaching talent, or bringing necessary key artists to a project, is necessary in getting the film made. Agencies usually reserve the term 'talent' for actors and classify talent agents as those who represent thesipians.
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Definition:
The process of dividing up or grouping a target audience based on common characteristics related to behaviors or predictors of behavior, such as geographic region, demographics, psychographics, and product usage. Audience segmentation helps to target media messages and key strategies.
Advertising
Definition:
Delivery of a persuasive message about a product, service, or idea to a large group of people at a single time through the use of mass media.
Usage Limitations
Definition:
Restrictions on the placement of a commercial (e.g., PSA use only).
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