IRS Gets Serious About Taxing Oscar Swag

Before this year's Oscars, the IRS reminded stars that if they wanted to pick up the traditional gift bag at the ceremony -- reportedly worth more than $100,000 -- that they should be prepared to pay taxes on the swag. Now the agency has launched an outreach campaign to the motion picture industry to make the point again. Under an agreement with the Academy of Motion Picture Arts and Sciences, next year recipients of the Oscar bags will receive, in addition to the usual trinkets, a bunch of tax forms. “There’s no special red-carpet tax loophole for the stars,” said IRS Commissioner Mark W. "Mr. Smith Goes to Washington" Everson. “Whether you’re popping the popcorn, sitting in the audience or starring on the big screen, you need to respect the law and pay your taxes.”