Holiday Gifts and the Tax Man

Holiday Gifts and the Tax Man

What you need to know before you go shopping

‘Tis the season to give gifts to employees and clients, but as the Godiva boxes pile up on the desk, have you wondered if all of those chocolates comply with tax rules? The Internal Revenue Service breaks employee gifts into two categories: tangible (hams, sweets, holiday centerpieces, etc.) and intangible (cash, gift cards, and gift certificates).

If an intangible gift is more than $25, it is considered taxable income a

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