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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.
The title of Option is a defined factor
When a creative entity, such as producer, artist, or studio, discovers a property and evaluates the rights status, they will, in most cases, attempt to negotiate an 'option' for the rights. An option is the right to acquire ownership of an intellectual property for a pre-determined amount of time. Size of the option payment often determines length of the agreement as well as how many forms of the rights will be included in the deal. While most option payments are subject to negotiation, script deals often work out to an even percentage of the purchase price.
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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.
Agent
Definition:
A representative of talent, petitioning, on their behalf, for work within the filmmaking community. Agents, by law, have the right to both solicit employment and negotiate terms for the artists they represent. Not to be confused with Manager.
Rate Card
Definition:
A card issued by an advertising medium listing its rates, requirements, and information needed from the advertiser.
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