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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 financier is a non-developing financial provider for a film. Simply, financiers are usually money sources looking to invest in complete, packaged scripts. Although they have the ability to bring a significant amount of a movie's budget, financiers are often money people looking at the bottom line - does the project have marketable elements already in place? Unlike most developing studios, these money sources move from script to screen quickly, however, most of the initial footwork must already have been done.
Talent
Definition:
Primarily refers to actors used in advertising. Can also refer to voice performers, musicians, etc.
Billboard
Definition:
A common name for outdoor signs located along streets and highways in either paper or vinyl.
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