I will sleep better knowing that the IRS has addressed this very important topic:
http://www.irs.gov/newsroom/article/0,,id=161151,00.html

Pax - I'm glad that they also provided the "Gift Bag Q & A" - valuable info

I wonder how many people affected by this would actually be on the IRS website looking for this information..............?!?!?

It was good to have a chuckle this afternoon; Thanks!

oh great. next you will be telling me I will have to pay gift taxes on the stuff I pick up at the vendors booths at the ASPPA conference.

No, Tom. Each booth will be required to issue you a 1099.

There is somebody in my office that brings a large empty suitcase when she goes to ASPA conferences, and fills it completely with booth stuff. She should be taxed. What personality type is that called?

Compulsive collector? Does she share or hoard? LOL I have to admit I am guilty of collecting a bunch of stuff for the folks in my office.

exactly what is a 'full empty suitcase'?

Ha. Where does it say that?

I also admit to being a 'collector'. However, since it all goes to the staff who are unable to attend the conference, it is only items that they would have collected had they been there.

It also reduces what the vendors must carry back and so is a benefit to them. It also makes it look like they have had a significant number of visitors so they will come back next year.

So the vendors are probably mad at me for not taking any of their stuff....After spending a week in Vegas, the last thing I wanted to do was haul more stuff back than I left with. The binder is bad enough! I have to admit that bag would have been nice though...I got in late on Monday though and already felt like the last guy chosen in kickball...the shame of being told that there were no more bags would have been too much for my fragile ego.

I think the real question is whether participants can defer based upon their gift bag values.

Fortunately, my entertainment industry clients will have no difficulty with the newly announced tax enforcement concerning gift bags.

They are so used to getting rid of bags under their eyes, they will have no reservations about returning to the surgeon's office to remove the gift bags under their arms.