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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.
The title of Option is a defined factor
When a creative entity, such as producer, artist, or studio, discovers a property and evaluates the rights status, they will, in most cases, attempt to negotiate an 'option' for the rights. An option is the right to acquire ownership of an intellectual property for a pre-determined amount of time. Size of the option payment often determines length of the agreement as well as how many forms of the rights will be included in the deal. While most option payments are subject to negotiation, script deals often work out to an even percentage of the purchase price.
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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.
Manager
Definition:
Known for paying special attention to both a client's personal and financial needs, the manager assists in administrating an artists' personal business. Agents and managers share many of the same functions, but tend to fill very unique rolls. Managers usually work with smaller client lists, as they're known for providing more focused attention on the growth and development of a clients' career.
Copy
Definition:
Any text to be included in an advertisement.
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