Holiday Office Party Taxes: Know Before You Go

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Holiday Office Party Taxes: Know Before You Go

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Holiday Office Party Taxes: Know Before You Go

//business-finance.news-articles.net/content/202 .. liday-office-party-taxes-know-before-you-go.html

Published in Business and Finance on Tuesday, December 3rd 2024 at 11:01 GMT by Bill Williamson
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Kate is a CPA with experience in audit and technology. As a Tax Writer at Kiplinger, Kate believes that tax and finance news should meet people where they are today, across cultural, educational, and disciplinary backgrounds.

Orbitz

The article from Kiplinger discusses the tax implications of holiday office parties. It highlights that while holiday parties can boost morale and productivity, they also come with tax considerations. Businesses can deduct the costs of these events as business expenses, but there are specific IRS guidelines to follow. For instance, the party must be primarily for the benefit of employees, and if spouses or clients are invited, the deduction might be limited. Additionally, the article notes that if the party is lavish or extravagant, the IRS might scrutinize the deduction. There's also mention of potential gift tax issues if employees receive gifts, with a reminder that there's an annual gift tax exclusion. The piece advises employers to keep meticulous records of expenses and to consider the frequency and scale of such events to ensure compliance with tax laws.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/taxes/holiday-office-party-taxes ]

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