• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Know the difference between gifts and compensation

by on
in HR Management,Human Resources

When payments are made in return for goods or services, that payment should be considered income to the recipient, not a gift. For example, if you give a favorite employee a big check at Christmas, you might consider it a gift, but the IRS will likely consider it income. That could be true if the employee and owner were family. In one case, the IRS said payments to an owner's daughter (who was an employee) were for past services, not a gift.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/5609/know-the-difference-between-gifts-and-compensation "

Leave a Comment