MEDIA ALERT: Chewbacca Mom and Beyond: What Are the Tax Implications of Gifts?

Wolters Kluwer Tax and Accounting Expert Provides
Insight on Gift Taxes

–(BUSINESS WIRE)–Wolters Kluwer Tax & Accounting:

What: When “Chewbacca Mom” Candace
Payne, put on a mask and made a video in her car, she could not have
known she would become an overnight internet sensation. The Texas mom’s
giggling video racked up more than 150 million views. Besides internet
fame, Payne received an estimated $420,000 in gifts including toys, gift
cards, travel, vacations, and college scholarships for her family of
four.

Why: Chewbacca Mom’s 15 minutes of
fame are up, but come tax time, she may feel the effects of her time in
the limelight. Even if you never post a video to Facebook, we can all
learn something important from her stardom. The gifts she received were
as unexpected as her fame, but they come with a price. If you receive
gifts in the national spotlight, or in the comfort of your own home,
remember that many gifts come with tax implications.

Who: Fellow Chewbacca fan, Mark
Luscombe, JD, LLM, CPA and Principal Federal Tax Analyst for Wolters
Kluwer Tax and Accounting, is available for interviews and in-depth
analysis to help people who have received unexpected gifts understand
and deal with the tax implications. Among the topics Mark can discuss:

  • Gifts won through promotions, contests, and giveaways
  • Financial gifts from family members
  • Bonuses and gifts from employers
  • Length of service and safety awards
  • The financial cut off point over which taxes must be paid
  • Gift cards
  • College scholarships
  • IRS reporting

When: Mr. Luscombe is available for
phone interviews to provide in-depth background and analysis on all
aspects of gift taxes.

Contact:

To arrange interviews with Mark Luscombe or other federal and state tax
experts from Wolters Kluwer Tax & Accounting on this or any other
tax-related topics, please contact:

Contacts

Wolters Kluwer Tax & Accounting
LAURA GINGISS
847-267-2213
Laura.Gingiss@wolterskluwer.com
or
MICHELLE
HIRSCHFIELD
847-267-7535
Michelle.Hirschfield@wolterskluwer.com