Friday, August 18, 2006

IRS Goes After the BLING BLING Hollywood Gift Bags

In a recent IRS article the IRS and the "Academy" announced an agreement that the Motion Picture Academy would pay an undisclosed sum of money to settle backed taxes Movie stars should have paid gift bags given at previous Academy Awards shows, and that this years recipients would have to cover their own taxes on their gift bags this year. I'd have to say, "LaDeFrickenDa WHAT THE HE**!! The IRS means to tell us they have just (barely!) established that the thousands of dollars of gifts that Movie stars get a awards shows are taxable, but the IRS is going to leave movie stars alone for backed taxes.

I guess that I'm supposed to be impressed at the fairness of the tax system because the IRS has decided to finally tax multi-millionaire movie moguls. Kudos to the Internal Revenue Service.

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