Submission of Taxable Income Logs for Gift Cards or Employee Prizes
This service covers the submission of taxable income logs related to the distribution of gift cards, prizes, or other items of value given to employees. All distributions of this nature are subject to company policies and IRS regulations regarding taxable income.
Important Notes:
• Ensure that all gift cards or prizes have been approved* prior to purchase/distribution.
• Only submit logs for items that comply with company policy and have received the necessary approvals.
• This submission facilitates proper reporting of taxable income for payroll and tax compliance purposes.