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Reporting a gift paid for with a card
August 16, 2022
Q. Our COO purchased a UTV to give to our former executive -- no longer employed with us as of right now.
The cost of the gift was for $18K even, charged to a corporate AMEX card by the store where we purchased the Motorsport.
The Controller would like me to inquire how to report this to 1099-MISC -- as other income? Because the company gave this to this individual as a gift, can we 1099 this individual even we did not write him a check?
A.
(Answered by IOFM's third party tax experts)
Yes, for…
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