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Internal Revenue Service › Gift-Cards

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Littler

Ye Olde Holiday Crossword — With Clues for Solving the Office Party Puzzle

Littler on

As the end of the year approaches, many employers are preparing for the annual office holiday party. This occasion presents an opportunity for employers to express appreciation for the hard work performed by staff all year....more

Troutman Pepper

IRS Issues Clarification As To The Taxability Of Gift Card Sales

Troutman Pepper on

It has been estimated that annual gift card sales have reached approximately $110 billion as a result of an increase in gift card offerings from financial services firms (for example, American Express, Visa, MasterCard and...more

Baker Donelson

IRS (Again) Eases Rules for Deferring Income Recognition on Gift Card Sales

Baker Donelson on

An accrual method taxpayer that receives an "advance payment" from the sale of gift cards may defer recognition of the payment in gross income until or to the extent the gift card is redeemed or, to the extent not redeemed,...more

Morgan Lewis

New Accounting Rules for Gift Cards Redeemable by Unrelated Entities

Morgan Lewis on

IRS modifies rules allowing the deferral method of accounting for advance payments received for the sale of gift cards that are redeemable by an unrelated party. On July 24, the Internal Revenue Service (IRS) released an...more

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