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Giving Holiday Gifts?

Are you giving holiday gifts to employees this year? Generally, gifts of relatively low value, such as a traditional turkey or ham, are “di minimis” benefits that are exempt from tax. On the other hand, the IRS says that gift cards are not excluded as di minimis benefits, regardless of the amount. So employees can buy whatever they want, but they have to pay taxes on this perk.

 

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The folks at Glass & Company have been with us since day one. They are a great group of people and have played a vital role in our growth from a start-up company in 1998 to a $110 million entity today. Our relationship has developed into a valuable resource throughout the years and I consider them a trusted advisor.”

– Gino Inman, General Partner, Republic Plastics, Ltd.

500 W. 5th Street, Suite 1210 Austin, TX 78701 • Phone: 512-480-8182 • Fax: 512-480-9465 • info@glasscpa.com