How about a tax on the gifts we receive? You have heard about the taxes that the stars have to pay for the exuberant gift baskets from now on.
Well, Earlier in August "outstanding tax responsibilities" on Academy Awards gift baskets was enforced by IRS Commissioner Mark Everson who said in a statement "There's no special red-carpet tax loophole for the stars, the gift basket industry has exploded, and it's important that the groups running these events keep in mind the tax consequences."
The Academy and the IRS reached an undisclosed agreement to fore go any taxes on baskets received before 2005. Those individuals who received a gift at the most recent awards ceremony will be issued the appropriate tax forms and expected to cover the bill, the Academy said.
What do you think?
Posted by Medini Pradhan