Effective April 1, 2018, departments became responsible for reporting taxable awards and gifts, and should consider the tax consequences for the employee receiving an award or gift when providing non-cash awards and gifts.
Reporting Taxable Gifts and Awards
Departments who chose to present a taxable award or gift to an employee are required to submit a Taxable Employee Award or Gift Reporting Form. This reporting form is required for all taxable employee awards or gifts regardless of whether the award or gift was purchased directly from a supplier using BearBuy or procurement card (P-card), reimbursed using MyExpense, or obtained using any other method. This form must be submitted within 30 days of the employee’s receipt of the taxable award or gift.
For more information on reporting awards and gifts as taxable income, see Understanding the Taxability of Employee Non-Cash Awards and Gifts on the Controller’s Office website.