Retirement Recognition Gift 1xbet online games login
Chapter 4812
Issued June 10, 1998
Table of Contents
.010Introduction
.020Taxing Guidance
.0301xbet online games login
.040Administration
.050Questions
.010 Introduction
It is the practice ofKansas State 1xbet online games login to recognize employees at the time of their retirement for their performance of duties and length of service. The 1xbet online games login often awards various gifts and honoraria to its employees. Several methods are used to fund the retirement gifts. One method is for the employing department, college, or division to use funds already on deposit with theKSU Foundationto purchase a retirement gift. In other cases, cash contributions are collected from employees and friends, deposited in a KSU Foundation account and used to purchase a gift. In either case, the gift falls under an Internal Revenue 1xbet online games login that restricts the amount of non-taxable contributions given to an employee. The amount of the restriction depends on whether the university has a "qualified plan" for employee gifts other than cash. The 1xbet online games login stated below outlines the "qualified plan" for Kansas State University.
.020 Taxing Guidance
Internal Revenue Code Section 274(j) specifies that gifts, honoraria and tangible personal property may be given to an employee for various reasons, such as, length of service (retirement), productivity, or safety achievement. Cash gifts to employees are not eligible under this section of the code because any gift of cash exceeding has traditionally been treated as compensation and reported as income on the employee's W-2. The code states that the allowable dollar amount limit for a tangible personal property gift is based on whether or not the employer has a "qualified plan". Without a "qualified plan," a gift of tangible personal property may not exceed 0, but with a "qualified plan," a gift of tangible personal property with a value up to ,600 is permitted. The code also states the recipient must be employed for five years to be eligible for such an award and the employee must not have received a similar award in any of the prior four years.
.030 1xbet online games login
A dean, department head, director or individual representing the 1xbet online games login in an official capacity, may provide a gift or honoraria of tangible personal property excluding cash, the aggregate of which will not exceed ,600, to an employee in recognition of the employee's retirement fromKansas State 1xbet online games login . Such gifts may include, but not limited to, honoraria administered by theKSU Foundation.
Likewise, an employee may accept a gift(s) of tangible personal property excluding cash, the aggregate of which will not exceed ,600 from the employer as represented by the employee's dean, department head, director or other individual representing the 1xbet online games login in an official capacity.
This 1xbet online games login is effective November 15, 1997.
.040 Administration
This 1xbet online games login will be administered by the deans, department heads, and directors ofKansas State 1xbet online games login for compliance.
.050 Questions
Supporting K-Sta (HR) is responsible for this 1xbet online games login . The Vice President or designee must approve any exception to this 1xbet online games login or related procedures. Questions should be directed to Human Resources, Benefits at 785-532-6277 or benefits@ksu.edu.
