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Income Taxes › Internal Revenue Service › Gift-Cards

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
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

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