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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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UCLA Entertainment Law Symposium
Rather than give you a dry recitation of the various legislative proposals in Congress affecting copyright law, I’m going to a dry dissection of a ... Read more >
Definition:
A part of the communications plan that details how various media will be employed. Identifies the specific schedule of paid placements that have been negotiated for an ad or collection of ads, including the times and programs during which television and radio ads will run, the locations and sizes of billboards that will be placed, the publications and placement within those publications in which print ads will run, etc.
Management Company
Definition:
The umbrella under which a group of managers function as a single incorporated entity. Long known for small client lists and focused attention on development of clients, management companies, in the last decade, have, in most cases, shifted their role in the market. Today, most management companies perform dually as client representation and producer.
Distributor
Definition:
From studios to exhibitors, the distributor sells viewing rights for a finished film. Somewhat of an intermediary function, distribution creates initial revenue for the source that financed the project. Its basic function is to sell the viewing rights of a motion picture to specifically designated areas. Based on the elements involved in the feature, the costs of these rights vary and are just a fraction of the income for distributors.
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