Payroll Services: Employee Prizes, Gifts, and Awards
"Guidelines for Employee Prizes, Gifts, and Awards" have been created to ensure that UTMB is in compliance with the sections of the Internal Revenue Code that relate to the taxability of prizes, gifts, and awards that are given to employees. Failure to comply with the intent of the IRS Code could result in UTMB incurring substantial tax and penalty assessments in the event of an IRS audit. Click here to view these Guidelines.
These Guidelines should be used when planning to give any type of prize, gift, or award to an employee and will be used by Payroll Services to evaluate the taxability of employee reimbursements and vendor payments for these types of transactions.
If you have any questions in regard to the interpretation of the Guidelines or the taxability of certain types of prizes, gifts, and awards, please contact Payroll Services at extension 78078.