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IFI Provides Latest Guidance on IRR Tax Considerations

Incentive FederationThe Incentive Federation has released new tools for anyone seeking to understand the tax treatment of incentives, rewards, recognitions and promotions.

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The Incentive Federation, Inc. has released “Tax Considerations for Incentives, Recognition and Safety Programs,” a compilation of numerous industry papers and presentations published by industry experts.
Mike DonnellyThe project, headed by Mike Donnelly, President of Hinda Incentives and an IFI board member, is designed to consolidate complex information from numerous lengthy documents into simple PowerPoint presentations and infographics, such as the Roadmap to Tax Compliance infographic.
According to the IFI announcement, “Incentive, recognition, and safety programs are designed to engage eligible participants, improve performance, and encourage loyalty. These programs can excite and motivate eligible participants to take actions the sponsor promotes while simultaneously creating advocates for the company. Rewards often have tax consequences for either the recipient or the sponsor and this new project provides easy-to-understand guidance for sponsoring companies.”
The user-friendly PowerPoint summary and infographic presentation tools are available online at IncentiveFederation.org and are ideal to provide to any client that may find the IRS rules and regulations confusing or intimidating, the IFI states.  
These new simplified documents cover the tax treatment of employee service awards, safety incentive programs and travel incentive programs among others. The IRS tax code provides some exemptions to the taxability of recognition an awards programs, and employers need to be aware of how various employee recognition awards are viewed by the IRS (Internal Revenue Service.)
The IFI says it has researched and published extensive information about these topics for many years and this recent compilation is especially designed for the clients of incentive industry companies designing and providing recognition, awards, and rewards programs. Detailed articles and research presentations are linked to the core PowerPoint document available online to provide employer personnel with additional support information if needed, the IFI says.
Founded in 1984 to focus on government affairs, the Incentive Federation reports that it continues to educate state and federal governments and agencies and has been successful at providing constructive input into tax laws related to the treatment of qualified noncash rewards, in helping OSHA see the benefits of safety incentive programs when writing related regulations, and in helping federal regulators understand that financial institutions have legitimate uses for premiums and incentives. An alliance and umbrella industry organization of associations and corporations involved in various aspects of the incentive marketplace, the Federation has expanded into three related domains: corporate outreach, education, and research. It says the mission is to promote, protect and advance the broad incentive marketplace.

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