Black Friday

iVillage Member
Registered: 11-26-2013
Black Friday
876
Fri, 11-29-2013 - 12:24pm

1. Did you do any shopping yesterday or today?

2. Do you have any leftovers? What is your favorite?

3. Do you have a budget for holiday gifts?

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iVillage Member
Registered: 12-04-2013
Wed, 12-04-2013 - 2:19pm

Huh? This proves the exact opposite of what you said. Bonuses and awards are treated as income and you are required to pay taxes as ordinary income.

Other gifts do have some exemption limits, but they are no where near the value of a car.

I have ALWAYS said my bonus gets taxed. Sigh....

iVillage Member
Registered: 06-27-1998
Wed, 12-04-2013 - 2:20pm

turrkeyday wrote:
<p style="font-size:13px; text-align:left">&lt;&lt;<strong>Not true in all situations. I won a car and I was liable. The cars they give out at my job, the winner is not liable.&gt;&gt;</strong></p><p style="font-size:13px; text-align:left">Can you provide an IRS ruling that exempts the receiver of the car from taxes owed on the gift from their employer?  I'm interested in the tax loophole they have found.</p><p style="font-size:13px; text-align:left"><strong>The employer is paying the taxes. You have never heard of that? </strong></p><div></div>

Only if it's tied to an award of some sort, not just a general give away and that has to be carefully down to avoid it being taxed as a fringe benefit.  Is that the case?  These are tangible annual awards for merit of some sort and given on a consistent basis over the years?  

For example, someone here recieved a major gift as an award for service over the years, it was given in a meaningful cermony and is not taxable.  

PumpkinAngel

iVillage Member
Registered: 12-04-2013
Wed, 12-04-2013 - 2:26pm

Only if it's tied to an award of some sort, not just a general give away and that has to be carefully down to avoid it being taxed as a fringe benefit.  Is that the case?  These are tangible annual awards for merit of some sort and given on a consistent basis over the years?  

Yes, every year.

iVillage Member
Registered: 12-04-2013
Wed, 12-04-2013 - 2:27pm

Not legally...

I am sure the legal dept. has gone over this with a fine toothed comb to make sure it is legal Laughing

iVillage Member
Registered: 06-27-1998
Wed, 12-04-2013 - 2:40pm

turrkeyday wrote:
<p style="font-size:13px; text-align:left">Huh? This proves the exact opposite of what you said. <strong>Bonuses and awards are treated as income and you are required to pay taxes as ordinary income.</strong></p><p style="font-size:13px; text-align:left">Other gifts do have some exemption limits, but they are no where near the value of a car.</p><p style="font-size:13px; text-align:left"><strong>I have ALWAYS said my bonus gets taxed. Sigh....</strong></p>

Well you did mention the "tax free" cash in the envelope thing...

PumpkinAngel

iVillage Member
Registered: 06-27-1998
Wed, 12-04-2013 - 2:41pm

turrkeyday wrote:
<p style="font-size:13px; text-align:left">Only if it's tied to an award of some sort, not just a general give away and that has to be carefully down to avoid it being taxed as a fringe benefit.  Is that the case?  These are tangible annual awards for merit of some sort and <strong>given on a consistent basis over the years?  </strong></p><p style="font-size:13px; text-align:left">Yes, every year.</p><p style="font-size:13px; text-align:left"></p>

Do you have an IRS ruling that supports your claim, I'm not seeing any that would exempt at the cost of a car.  

PumpkinAngel

iVillage Member
Registered: 06-27-1998
Wed, 12-04-2013 - 2:41pm

turrkeyday wrote:
<p><span style="font-size:13px; text-align:left">Not legally...</span></p><p><span style="font-size:small"><strong><span style="text-align:left">I am sure the legal dept. has gone over this with a fine toothed comb to make sure it is legal <img src="/forums/sites/all/libraries/tinymce/jscripts/tiny_mce/plugins/emotions/img/smiley-laughing.gif" alt="Laughing" title="Laughing" border="0" /></span></strong></span></p>

Is this the same company or a different one that you said was giving the "tax free" cash in the envelope?

PumpkinAngel

iVillage Member
Registered: 06-27-1998
Wed, 12-04-2013 - 2:42pm

chestnuthooligan wrote:
<p><blockquote class="quote-msg quote-nest-1 odd"><div class="quote-author"><em class="placeholder">turrkeyday</em> wrote:</div>&lt;p style="font-size:13px; text-align:left"&gt;&amp;lt;&amp;lt;&lt;strong&gt;Not true in all situations. I won a car and I was liable. The cars they give out at my job, the winner is not liable.&amp;gt;&amp;gt;&lt;/strong&gt;&lt;/p&gt;&lt;p style="font-size:13px; text-align:left"&gt;Can you provide an IRS ruling that exempts the receiver of the car from taxes owed on the gift from their employer?  I'm interested in the tax loophole they have found.&lt;/p&gt;&lt;p style="font-size:13px; text-align:left"&gt;&lt;strong&gt;The employer is paying the taxes. You have never heard of that? &lt;/strong&gt;&lt;/p&gt;&lt;div&gt;&lt;/div&gt;</blockquote></p><p>Not legally...</p>

Maybe they increased income to cover the "tax" portion?

PumpkinAngel

iVillage Member
Registered: 12-04-2013
Wed, 12-04-2013 - 2:43pm

Do you have an IRS ruling that supports your claim, I'm not seeing any that would exempt at the cost of a car. 

Nope. You can look for one if you want. This is not a worry of mine Laughing

iVillage Member
Registered: 12-04-2013
Wed, 12-04-2013 - 2:43pm

Is this the same company or a different one that you said was giving the "tax free" cash in the envelope?

I answered that already.

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