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Get Cornell University Gift Card/certificate Reporting Form 2018-2025
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How to use or fill out the Cornell University Gift Card/Certificate Reporting Form online
This guide provides a comprehensive overview of how to complete the Cornell University Gift Card/Certificate Reporting Form online. It is essential for individuals purchasing gift cards or certificates for specific recipients to ensure compliance with IRS regulations.
Follow the steps to fill out the form accurately and efficiently.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- In Part I: Approval Information, fill in your name, NetID, and unit/department. Additionally, enter your business officer's or dean's name and the account number for this expense. Specify the date and obtain the required signatures from the business officer or dean and the business service center director.
- In Part II: Recipient Information and Acknowledgment for single recipient, provide the name of the gift card or certificate recipient, their vendor number (if they do not have a NetID), the recipient's NetID, the date of the gift, and the gift amount. The recipient must acknowledge the tax implications by signing in the designated area.
- If there are multiple recipients, navigate to Part III: Recipient Information and Acknowledgment for multiple recipients. For each recipient, fill in their name, NetID or vendor number, gift amount, and date given. Each recipient must sign to acknowledge the tax implications.
- Once all sections are completed, make sure to review the form for accuracy. After verifying that all necessary fields are filled correctly, save your changes.
- Finally, submit the fully completed, reviewed, and signed forms to the University Tax Office via email at tax@cornell.edu, ensuring to include 'Gift Card Report' in the subject line.
Complete your Cornell University Gift Card/Certificate Reporting Form online today to ensure compliance with tax regulations.
Related links form
Yes, gift cards are considered taxable income when offered to employees. The IRS considers it cash-equivalent, meaning you must report the card's value on an employee's Form W-2 like a wage. This is the same as taxable fringe benefits such as employee stipends, which are also reported as wages on employees' W-2s.
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