HI¡ I'M KATHY¡ AND I WORK FOR THE INTERNAL REVENUE SERVICE.
IF YOU OWN A BUSINESS AND YOU GIVE ACHIEVEMENT AWARDS TO EMPLOYEES¡ YOU CAN SOMETIMES EXCLUDE AN AWARD'S VALUE FROM YOUR EMPLOYEE'S INCOME.
BUT¡ YOU CAN'T EXCLUDE CERTAIN TYPES OF NON-TANGIBLE PERSONAL PROPERTY.
THE TAX CUTS AND JOBS ACT CLARIFIES THIS DEFINITION.
IT SPELLS OUT WHAT YOU CANNOT EXCLUDE FROM YOUR EMPLOYEES' INCOME AS AN EMPLOYEE ACHIEVEMENT AWARD.
NON-TANGIBLE PERSONAL PROPERTY INCLUDES CASH¡ GIFT CARDS¡ CASH EQUIVALENTS¡ COUPONS OR CERTIFICATES¡ TICKETS TO THEATER OR SPORTING EVENTS¡ VACATIONS¡ MEALS¡ LODGING¡ STOCKS¡ BONDS¡ SECURITIES¡ AND OTHER LIKE ITEMS.
AGAIN¡SINCE THESE ARE NON-TANGIBLE PERSONAL PROPERTY¡YOU MAY NOT EXCLUDE THEM FROM YOUR EMPLOYEES' INCOME AS ACHIEVEMENT AWARDS.
FOR MORE DETAILS¡ GO TO I-R-S-DOT-GOV-SLASH-NEWSROOM-SLASH-BUSINESSES.
THEN CLICK "EMPLOYER DEDUCTION FOR CERTAIN FRINGE BENEFITS."
AND¡ IF YOU FIND THIS VIDEO HELPFUL¡ PLEASE SHARE IT.
THANK YOU.