• 0 Posts
  • 20 Comments
Joined 1 year ago
cake
Cake day: July 30th, 2023

help-circle
















  • Here is a little something from the IRS pub 525 about bonuses.

    Bonuses and awards. Bonuses or awards you receive for outstanding work are included in your income and should be shown on your Form W-2. These include prizes such as vacation trips for meeting sales goals. If the prize or award you receive is goods or services, you must include the FMV of the goods or services in your income. However, if your employer merely promises to pay you a bonus or award at some future time, it isn’t taxable until you receive it or it’s made available to you.

    So do they really believe the fair market value of a potato is $12? The IRS doesn’t go by retail price.

    The FMV for a pound of russet potatoes is $2.50 soo yeah no they are doing too much and should be reported.

    Meals and lodging

    You don’t include in your income the value of meals and lodging provided to you and your family by your employer at no charge if the following conditions are met.

    The meals are: Furnished on the business premises of your employer, and Furnished for the convenience of your employer.