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This might relate to vp players: IRS taxes goodie bags

#1

http://news.yahoo.com/s/eo/20060815/en_tv_eo/19761

The IRS is now taxing the goodie bags that Emmy winners are given. It
is the IRS contention that the bags are given to attendees to promote
the products and not just gifts. The spa visits, free vacations to the
Bahamas and health club memberships are all taxable. What's the
difference if the Bellagio gives a player 4 free nights. Wouldn't that
be taxable. It certainly could be considered a vacation. The RIO sends
out 3 free nights and spa treatments. What is difference between that
and the Emmy presenter be given a hotel room and spa treatments.

#2

VpKing77 wrote:

The IRS is now taxing the goodie bags that Emmy winners are given. It
is the IRS contention that the bags are given to attendees to promote
the products and not just gifts. The spa visits, free vacations to the
Bahamas and health club memberships are all taxable. What's the
difference if the Bellagio gives a player 4 free nights. Wouldn't that
be taxable. It certainly could be considered a vacation. The RIO sends
out 3 free nights and spa treatments. What is difference between that
and the Emmy presenter be given a hotel room and spa treatments.

I know what you mean -- the way I talked up Barbary Coast after my
last visit people thought I was promoting the place ... especially
when I flashed my Fun Club Lucky Clover plastic key fob around. (Of
course, maybe someone did who read my trip report and was thrilled at
the idea of staying where "Harry Potter" did ...)

- H.

#3

What is difference between that and the Emmy presenter be given a
hotel room and spa treatments.<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Well, the REAL difference is between the value of these packages.
The casino offer might be worth several hundred dollars, but it's my
understanding that the Emmy packages are worth well over $10,000.
The Emmy packages provide the IRS with a nice "target rich
environment" with which to make an easy, high profile money grab.

With that being said, let's not give the IRS any ideas. We sometimes
complain about the lack of definitive tax rules regarding comps and
cash back, but I personally think this is a GOOD thing. If the IRS
ever provided a definite rule regarding these items, I don't think we
would like the answer very much.

I also think that if casinos were required to document individual
comps for tax purposes, that it would just about kill off comps
altogether. Can you imagine the casino having to issue a 1099 for
every free buffet or $10 bounce back coupon they hand out?

EE

···

--- In vpFREE@yahoogroups.com, "VpKing77" <vpking77@...> wrote:

The RIO sends out 3 free nights and spa treatments.

#4

--- In vpFREE@yahoogroups.com, "Harry Porter" <harry.porter@...> > I
know what you mean -- the way I talked up Barbary Coast after my last
visit people thought I was promoting the place ... especially> when I
flashed my Fun Club Lucky Clover plastic key fob around. (Of course,
maybe someone did who read my trip report and was thrilled at the idea
of staying where "Harry Potter" did ...)

If only they name the next Casino - Hogwarts!

Any time I wear the Trump Taj T-shirt, could I send The Donald a bill
as I am promoting his dump, for services rendered?

#5

comps for tax purposes, that it would just about kill off comps
altogether. Can you imagine the casino having to issue a 1099 for
every free buffet or $10 bounce back coupon they hand out?

OTOH, in this information age, is it difficult for the Casinos to keep
track of (I think they already do) the comps, coupons, and buffets and
aggreagate them at the end of the year and give a 1099?

IRS: Please ignore the above.

···

--- In vpFREE@yahoogroups.com, "eecounter" <eecounter@...> wrote:

I also think that if casinos were required to document individual

#6

SHHHHHH!!!!! Don't give them any ideas!!!!!!!!!

···

################################################################

VpKing77 <vpking77@yahoo.com> wrote:http://news.yahoo.com/s/eo/20060815/en_tv_eo/19761
The IRS is now taxing the goodie bags that Emmy winners are given. It
is the IRS contention that the bags are given to attendees to promote
the products and not just gifts. The spa visits, free vacations to the
Bahamas and health club memberships are all taxable. What's the
difference if the Bellagio gives a player 4 free nights. Wouldn't that
be taxable. It certainly could be considered a vacation. The RIO sends
out 3 free nights and spa treatments. What is difference between that
and the Emmy presenter be given a hotel room and spa treatments.

Jean H--
   
  You have brains in your head. You have feet in your shoes.
You can steer yourself any direction you choose.
You're on your own. And you know what you know.
  And YOU are the one who'll decide where to go.... Dr. Suess

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[Non-text portions of this message have been removed]

#7

This just in.

"The value of the gifts must be reported on a celebrity's tax return.
That includes gift certificates or vouchers if they've been redeemed.
The gifts count as income because the IRS does not believe they were
given 'solely out of affection, respect or similar impulses'." -
http://tinyurl.com/zhh87

The Motion Picture Academy agreed to pay back taxes on goodie bags
given until 2005, but in future the poor stars (look at them they can
barely afford to cover themselves!) will have to pay taxes like
regular folks. Or we can take up a collection for them.

So it boils down to this. If the Donald gave the Trump Taj T-
Shirt "solely out of affection, respect or similar impulses', then it
need not be reported.

--- In vpFREE@yahoogroups.com, "Harry Porter" <harry.porter@...>
wrote:

I know what you mean -- the way I talked up Barbary Coast after my

last visit people thought I was promoting the place ... especially
when I flashed my Fun Club Lucky Clover plastic key fob around. (Of
course, maybe someone did who read my trip report and was thrilled at
the idea of staying where "Harry Potter" did ...)