For a detailed discussion of the issues in this area, see "Deferral of Income From Sales of Gift Cards
," by Maribeth Quilao, CPA, in the November 2013 issue of The Tax Adviser.
6%) said they like receiving retail gift cards
because they can purchase what they want, and 87.
A very popular gift-card offer is to give your customers a $10 gift card
for every $100 they spend.
In order to reduce controversy, the IRS and Treasury have concluded that a taxpayer that sells gift cards
redeemable through other entities in an eligible gift card
sale should be treated in the same manner as a taxpayer that sells gift cards
redeemable only by that entity.
CashStar cofounder and CEO David Stone explains, "By leveraging our patent pending offer management platform, Dippin' Dots can now deliver personalized incentives and coupons in conjunction with their gift cards
or as standalone incentives to drive sales.
Later, the season saw at least one instance of an organized ring of thieves using gift cards
to manufacture fake debit and credit cards with stolen debit and credit card numbers.
Summary: Postilion, a leading provider of software solutions for self-service banking and payments and a division of S1 Corporation (NASDAQ: SONE), today announced that Marks & Spencer has completed the implementation of a gift card
program based on Postilion solutions.
The customer can then select the value of the gift card
, add a personal message, and enter the cell phone number of the recipient.
The taxpayer recognizes income from the sale of gift cards
Gun stores and gift cards
are a perfect fit, Hall says, because due to legal issues, "you can't buy guns for someone else, so buying a gift card
just makes sense.
The National Retail Federation said 2006 holiday sales (those occurring in November and December) of gift cards