By: Dan Isard
Gift-giving is a fairly common practice among organizations and a touchy one where taxes are concerned. The very term “gift,” has a precise definition. The IRS has several different classifications, including intangible gifts (which are taxable) and tangible gifts (which are tax free). Some gifts can be claimed as a deductible expense, while others cannot. The process of a business giving a gift to a worker is far different, tax-wise, from gifts between individuals. Click here to read more about this confusing topic.