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Tax implications of giving out $50 gift cards
April 25, 2023
Q. We are a 501 c (3) organization . If we want to give out $50 gift cards to 20 participants that share their time and expertise for online Zoom meeting event, does this create a taxable event that needs to be tracked? Would we need to collect a W-9 form for each recipient? Is there a minimum dollar amount that can be given that would not be a taxable event? Over the course of year, if participant received $600. then 1099 reporting event occurs.
A.
(Answered by IOFM's third-party tax…
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