December 11, 2018
The Tax Cuts and Jobs Act prohibits certain property as an employee achievement award.
The law allows employers to deduct the cost of certain awards and exclude them from employees’ income. But this doesn’t apply if the award is cash, gift cards and other nontangible personal property including:
- Vacations
- Meals
- Lodging
- Tickets to theater or sporting events
- Stocks, bonds, and securities
- Other similar items
For more information visit the Employer Update page.