b'Gift Policy Review!By Puzzle HRNow is the time to review both gift policies and Encourageemployeestoconsiderthe bestpracticesforawardingyear-endethicalimplicationsbeforegivingand bonuses. Clearly articulated policies can helpreceiving gifts. avoid some uncomfortable situations. Offeradditionalsupportforthosewhoarefrom cultureswithdifferentgift-In the past, employers could give employeesgiving norms. cash or a cash equivalent gift such as a gift Clearly explain to employees that there certificateforamountslessthan$25withoutcan be legal reasons for gift bans. The anytaxconcern.Thesewereknownasderisk of receiving pricey gifts is that the minimisfringebenefitsorgifts.Thatisnoemployer could run afoul of conflict-of-longerthecase.TheInternalRevenueinterest and anti-bribery regulations.Service(IRS)tellsemployersthatallfringe Setappropriateparameterswhen benefits,suchasgiftcards,areconsideredreceivinggiftsfromvendorsand taxable wages unless specifically excluded bycustomers. The most popular approach asectionoftheInternalRevenueCodeinvolves establishing a maximum-dollar (IRC).value,policiescanmakeadistinctionbetweengiftsthatareconsideredde A gift policy must be consistent with any otherminimis, such as those valued at under existingethicspoliciesandbusinesses$20,andgiftsofgreatervalue,which should: would need to be reported to executive management.Communicatethegiftpolicyto employees and others you do business with. Midwest Drycleaning & Laundry Institutewww.MWDLI.org / 765-969-5745 13\x00'