Tax at the Emmy Awards

The IRS's new enforcement of the tax rules on Hollywood swag was a major topic of conversation at last night's Emmy awards:

Last night's most popular subject was the sumptuous gift bags given to Emmy presenters, valued at $30,000 or more, which the federal government now intends to tax as income.

• Conan O'Brien: "The Bush administration keeps sticking it to the working man."
• Greg Garcia:  "[I have] no opinion on [the tax treatment of the gift bags] whatsoever. I agree they should go to some sort of charitable organization."
• Jeremy Irons:  "You shouldn't have to pay taxes on anything. That's my stand."
• Jeremy Piven:  "I think the goody bags should be sent to New Orleans. Wouldn't that be great, don't tax them, just give it to them (people of New Orleans)."

For more, see:

• Boston Globe:  Presenters May Find Their Role More Taxing
• ContactMusic.com:  Government Tax on Gift Bags Causes Controversy
• Reuters:  Taxable Loot Awaits Emmy Presenters
• San Diego Union-Tribune:  Gift bags Had Tongues Aflutter
• U.S. News & World Report:  When is a Gift Taxable?

Recent TaxProf Blog coverage:

• USA Today on IRS-Hollywood Swag Accord (8/24/06)
• IRS and Hollywood Reach Accord on Gift Bags (8/18/06)
• Tax Consequences of Hollywood Swag (8/14/06)