So, due to the very unsexy Internal Revenue Service's recent crackdown on award show swag, the HFPA has decided to forgo the traditional gift baskets for presenters at next week's Golden Globes.Last year's bag, stuffed with gadgets, jewelry, spa certificates, trip vouchers and the like, was valued at $40,000, all taxable income.
Because vendors and other swag providers can generally write off the items as the cost of doing business (advertising, etc.), the IRS does not recognize the gift baskets as "gifts." And since the A-listers technically receive the "gifts" in exchange for appearing at an event--that's where the income part plays into it.
To avoid further confusion, everyone who attends the 64th Annual Golden Globe Awards on Monday will receive a no-taxes-required gift package worth $600.
$600 down from 40K? Screw that noise! $600? What's that - a Mobil gift card and some homemade granola from Diane Keaton? I am SO not presenting this year.
A Socialite's Life
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