ࡱ> 574g =bjbjVV . r<r< +888 B$$$XXXB D D D D D D $"$h <XX<<h $$4} 222<$$B 2<B 22:,$vPR .  0  ]%"|]%]%<X"z2XXXh h XXX <<<<]%XXXXXXXXX8 X: Awards, Gifts, & Prizes Provided to Employees Guideline November 15, 2010 Internal Revenue Code (I.R.C.) limitations that apply to gifts, prizes, and awards include the following: Gifts (I.R.C. 274(b)) Gifts made directly or indirectly to any individual in excess of $50 per gift should be considered employee income unless certain terms and conditions apply (such as being inscribed with the recipients name and not being transferable). The de minimus threshold is $50 as of 2013. Length-of-Service and Safety Awards (I.R.C. 274(j)) Awards of tangible personal property given to employees for length-of-service or safety achievement are not considered employee income if the value of the award does not exceed specified limits-$400 per employee per year for all awards presented under a nonqualified plan; $1,600 per employee per year under a qualified written plan that does not favor highly compensated employees and that has an average benefit award of $400 or less per employee over the year. De Minimis Fringe Benefits (I.R.C. 132(e)) A de minimis fringe benefit is any property or service infrequently provided to an employee that has so little value that accounting for it would be an administrative burden. Cash, no matter how little, is never excludible as a de minimis fringe benefit. Similarly, a cash equivalent (such as a gift card or coupon) is not excludible as a de minimis fringe benefit, even if the value of the gift card is below the de minimis threshold. Working Condition Fringe Benefits (I.R.C. 132(d)) A working condition fringe benefit is any property or service provided to an employee to the extent that, if the employee paid for the property or service, such payment could be claimed as a business deduction. In general, cash payments do not qualify as working condition fringe benefits. There are three requirements for working condition fringe benefits: the employees use of the property or service must relate to the employers trade or business; the employee would have been entitled to a deduction for a business expense if he or she had purchased the property or service that was provided by the employer; and the business use of the property or service must be substantiated by adequate records or sufficient evidence corroborating the employees own statement under the applicable substantiation requirements of either Code 274(d) or 162. [Reg. 1.132-5a] Scholarships (I.R.C. 117) When ɫ Tech provides property to a student who is also an employee of ɫ Tech, the issue to be considered is whether the award is compensation awarded as part of their employee role or a scholarship awarded as part of their student role. If the property was provided as a reward for services rendered in their campus job, it should be treated as compensation. If the property was provided as an award for academic excellence, it should be treated as a scholarship. Scholarships are reportable on form 1098T. 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