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Golden Globe Goody Bag Now Comprised of Loews Cineplex Gift Cards, Free Stay at Local Best Western
Thursday January 11, 2007
![]() WireImage.com Golden Globe presenters have had their usual multi-thousand dollar gift bags reduced to $600 worth of merchandise for tax purposes, E! reports. Last year's bag was bursting with over $40,000 worth of high tech gadgets, jewelry, spa certificates, and free trips. However, because vendors and other swag providers can generally write off the items they donate to presenters as the cost of doing business (advertising, etc.), the IRS is no longer recognizing the gift baskets as "gifts.” And since the A-listers technically receive the "gifts" in exchange for appearing at an event, the bags are now considered a taxable part of an actor’s income. The Hollywood Foreign Press, which runs the Golden Globes, responded by limiting the goody bags to a tax-free $600. "The fact this gift bag practice grew so quickly is stranger than fiction," IRS Commissioner Mark Everson said. "We're happy the Hollywood Foreign Press Association stepped forward to resolve this issue." In related news: This year’s Golden Globe presenters will consist of Kristin Cavallari, New York from Flavor of Love, and the kid who played the son on RV. Join Us on Facebook and Twitter for even more up to the minute celebrity news and photos! |