Word: swag
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Dates: during 2000-2009
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...Swag lags: At a festival that had become known for its freebies as much as its films, celebrity "gifting," the practice of lavishing luxury products on tastemakers who breeze in from New York City and Los Angeles, was toned down. With the IRS warning celebs that the gifts should be reported as taxable income, stars and their entourages were less likely to snap up potentially useless electronics and accessories that require a 1099 form. Some stars opted to give their wares to Kevin Bacon's new charity, Sixdegrees.org, and others chose to keep their receiving quiet by using gift cards...
...Hollywood - where egos, paychecks and breasts tend to run bigger than anywhere else in the U.S. - gift bags, also known as ?swag,? are generously handed out to presenters at each of the half-dozen or so major awards ceremonies that take place each year. Typically the bags contain tens of thousands of dollars worth of goods and services donated by companies eager to have celebrities using their products. Even the richest stars snag swag, and who could blame them...
...swag is in sight. Presenters at the upcoming Primetime Emmy Awards on Aug. 27 must sign and return a letter from the Academy of Television Arts and Sciences acknowledging that they are aware that under IRS guidelines they have to pay taxes on their gift-bag goodies, even if they are the star of the hottest hit sitcom on network television. The letter is, in effect, the Academy?s way of absolving itself of responsibility for unpaid gift taxes...
...action comes in response to a crackdown on swag by the IRS that began several months ago. In March, just before the Academy Awards, the tax agency released a memo cautioning recipients that gift baskets are income and that ?movie stars face the same tax obligations as ordinary Americans.? The crackdown may have something to do with the fact that the Academy Award gift bags this year were valued at more than $100,000 each, and included such goodies as a four-night $25,000 Hawaiian vacation and $7,000 worth of Victoria Secret undies. In total, unreported gift bags...
...gift bags will still be given out at this year's Emmys, however. A TV Academy spokeswoman says that the letters informed presenters of the tax consequences and guidelines of accepting swag. After that, it?s between a presenter and his or her accountant. ?For this year?s Emmys, it?s happening,? she says of the gift bags. ?It?s premature to have any decision or conversation right now about what will happen in the future...