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New "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. These Guidelines may be viewed at the following web address: http://www.utmb.edu/finance/payrollservices/resources/gifts.htm
These Guidelines should be used when planning to give any type of prize,
gift, or award to an employee and will be used by Finance - Payroll Services, effective June
12, 2002, 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 Finance - Payroll Services at extension 78078.
Last Modified: January 03, 2008
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