What is the tax reporting requirements for a nonprofit giving a gift card to a volunteer?
mwduck24 asked:
We have a family that provides catering duties at no charge to our nonprofit organization. We would like to give them a sizeable gift card at the end of the year. Are there any specific tax requirements, reporting or otherwise??
We have a family that provides catering duties at no charge to our nonprofit organization. We would like to give them a sizeable gift card at the end of the year. Are there any specific tax requirements, reporting or otherwise??
Check The IRS website for the answer to that Question. IRS.GOV mitchell
any time anyone is given anything, in the overall total of $600 or more a 1099 must be issued to that person, no matter what form it is in tro
For the volunteer the value of the gift card will be treated as taxable income. It will be income as independent contractor, which the volunteer must report on schedule C or C-EZ.
You may be required to issue 1099-misc if the amount exceeds $600. Jss