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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.
Rights are clearly defined
Rights' are the expressed, granted permission by the owner of a particular work to an intended buyer, for the utilization of their property in the profitable redistribution of that material. The permission, if granted, may entail the right to employ the work in the designated medium in which it was intended for redistribution. Additionally, the Copyright Act protects the owner of a property from unauthorized use of their material.
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Definition:
A broadcast rating service for television and radio that uses both a viewer diary method and an electronic recording and tabulating system to measure audience size and characteristics.
Camera Ready
Definition:
An ad, art, copy text or graphic ready for inclusion in publications.
Manager
Definition:
Known for paying special attention to both a client's personal and financial needs, the manager assists in administrating an artists' personal business. Agents and managers share many of the same functions, but tend to fill very unique rolls. Managers usually work with smaller client lists, as they're known for providing more focused attention on the growth and development of a clients' career.
If you live in the following cities and need an Entertainment attorney you should contact
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Arnold
Ballwin
Belton
Blue Springs
Cape Girardeau
Chesterfield
Columbia
Fenton
Florissant
Grandview
Independence
Jefferson City
Joplin
Kansas City
Lebanon
Liberty
O Fallon
Poplar Bluff
Rolla
Saint Charles
Saint Louis
Saint Peters
Sedalia
Sikeston
Springfield
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