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Employee Non-cash Awards, Prizes, and Gifts Form

Employee Non-cash Awards, Prizes, and Gifts Form 2025

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The document is an Employee Non-cash Awards, Prizes, and Gifts Form used to record details about non-cash awards given to employees, including their eligibility for tax exemptions based on the type of award. It includes sections for employee information, award descriptions, and necessary approvals from various departments before issuing awards exceeding $75. The form also outlines tax implications for length of service awards.

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What awards are not taxable for employees?

A gift, prize or award may be considered a de minimis fringe benefit and not taxable compensation to the employee if: 1) it is a non-cash gift of property such as food, flowers, clothing, etc.; 2) it is valued at $100 or less; and 3) it is given only on an occasional basis.

How are non-cash benefits taxed?

Taxation is based upon the actual reimbursement amount. For non-cash benefits such as personal use of a state-provided vehicle, the fair market value is generally used to determine the tax liabilities.

Are non-cash prizes taxable?

Certain noncash awards or prizes may be taxable and/or reportable as income to the recipient depending on the circumstances. Whether an award or prize is taxable depends on the purpose of the award or prize, its frequency and its fair market value.

Are non-cash gifts to employees taxable?

Cash gifts must be reported as income to the employee, making them subject to taxes on that persons tax return. Non-cash gifts are taxable only if their value exceeds what the Internal Revenue Service (IRS) considers a de minimis, or minimal, benefit.

What are the IRS guidelines for service awards?

The maximum value an employee can receive from a qualified plan without paying tax is $1,600 per year. On the other hand, if awards are received through a nonqualified plan, the maximum tax-free award is only $400. Any amount above either limit is taxable to the employee and it isnt deductible for your company.

Are non monetary gifts taxable to employees?

If you make non-cash gifts that are clearly not de minimis, such as a trip or expensive electronic (like an iPad), you must report the value of the gift as taxable income to the employee.

Are non-cash awards for employees taxable?

If the cost (or value) of the award or gift exceeds the $75 de minimis limit under I.R.C. Section 132(e), the entire amount is taxable. b. If the cost (or value) of a length of service or retirement award that is tangible personal property exceeds $400, only the amount in excess of $400 is taxable to the employee.

Employee Non-cash Awards, Prizes, and Gifts Form 2025

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