Tax Resolution Attorney John P. Willis Reminds Readers That Some Gifts Are Treated As Income

By: IRSAllstar
 
 
John P Willis
John P Willis
 
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* Gift Tax

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* Accounting

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* Fairhope - Alabama - US

FAIRHOPE, Ala. - Feb. 21, 2020 - PRLog -- Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR writes about the annual Oscar SWAG bag gifts given to the winners and nominees that represent a substantial tax payment to the IRS.

Fairhope, AL, February 21, 2020: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published a blog on his website entitled "Uncle Sam Sweeps The Oscars." Mr. Willis talks about the difference between real gifts that aren't taxed as well as the kind of gifts that are treated as income.

"It happens every year," writes Willis. He adds, "First come the Oscars, then comes the April tax filing deadline. And, I can just imagine Uncle Sam greedily rubbing his palms together as he watches the show, knowing he's going to be handsomely rewarded as a result of this night too."

Willis explains, "That's because of the SWAG bags the winners and nominees are given, this year many of which are valued at $250,000 and more! The actors are required to pay taxes on the value of the gifts, which represents a pretty big chunk of change for the IRS."

"You see," Willis says, "those gifts in the SWAG bag are not pure gifts. They are considered income for the actors."

According to Willis, "For individuals who want to give gifts, they can bestow as many $15,000 gifts on their children and friends without either the giver or the recipient having to pay a gift tax. But the gift cannot exceed $15,000."

The entire blog can be read at: http://www.irsallstar.com/blog/uncle-sam-sweeps-the-oscars.php

ABOUT JOHN WILLIS

As an attorney, Mr. Willis takes his role as "counselor" seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 21 years.

ABOUT THE IRSALLSTAR TEAM

The IRSALLSTAR team has developed a winning formula to ensure that each client's individual needs are specifically met. Upon becoming a client of Mr. Willis' law firm, that client's immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities.

To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.

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Tags:Gift Tax
Industry:Accounting
Location:Fairhope - Alabama - United States
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