Other Tax Topics

Awards, Gifts and Prizes for Employees or Students

Prizes and Awards Policies and Procedures doc  This document describes the policy on giving awards, gifts, and running contests with prizes. It also outlines the reporting process. Since prizes, gifts, and awards are covered by IRS regulations, there is a procedure to track the event and determine whether the recipient has an income tax liability. Certain events are treated as employee fringe benefits, and result in compensation for the recipient. Students are not handled under the employee fringe benefit regulations, even if they has campus employment, when the event is related to their student role at Tech - not their campus job.

Prize and Award tracking spreadsheet This spreadsheet is the tracking mechanism. Instructions are included in the spreadsheet. Complete it according to the instructions and email it to the Federal Tax Compliance manager no later than 3 days after the event.  

This document cites the IRS code for employee fringe benefits, service awards, safety awards, and student scholarships : Summary of IRS codes that apply to prizes, awards, and gifts

Contact The Federal Tax Compliance Mgr (x5984) with questions on how to report the awards or prizes given to employees or students.

 

Other fringe benefits with income tax impact:

Uniform Procedures doc

Uniform Payroll Request form.pdf

 

Vehicle Procedures

Vehicle mileage log

 

Employee Educational Tuition Waiver Procedure