LBMC is a Tennessee accounting firm offering federal/state tax preparation and specialty tax services for corporate business and wealthy individuals. Read more.

Gifts to Employees – Taxable Income or Nontaxable Gift?

Gifts to employees are a traditional way to thank people important to your business, but the IRS says certain types of gifts are taxable, and following the rules can prevent a spoiler later.

Follow IRS rules for holiday gift giving

If you run a business and your good cheer includes giving gifts to employees or customers, the IRS has been thinking about you. Here is a brief guide to the rules.

Livestock – Depreciate? Inventory? Sell?

Livestock held primarily for sale by for-profit farmers must be included in inventory. However, livestock held for draft, breeding, or dairy purposes can either be included in inventory or depreciated. Learn more.

Controlled Foreign Corporation Regulations Under TCJA

Under the TCJA, a U.S. person, domestic corporation, partnership, trust or estate that owns at least 10 percent of the value or voting rights in one or more CFCs will be required to include this income as currently taxable income.