L
Lucky or not
Guest
What is the name of your state? Michigan.
While at work I ran an ad on one of the internet employment sites for an employment opportunity we had. I used a Amex card with both my name and the company name on it to pay for the ad.
Shortly there after I was notified as the Grand Prize winner of their Sweepstake. The company owner suggested we opt out for the money. There is some assumption that the prize belongs to the company. I took the cash value of $4,500.00. I know I will personally be taxed on this next year, they made that very clear.
The question I have is who's money is this? Mine or the Company's?
I was told to put the money in my bank, hold a estimated amount for next years taxes and purchase "items" for the company until the balance runs out.
If it is the company's money I'd just as soon give them the balance, they would then owe taxes on that revenue (not their preference).
If the money is mine, like frequent flyer points earned on company time and paid with company funds, is there a ruling that I can reference?
While at work I ran an ad on one of the internet employment sites for an employment opportunity we had. I used a Amex card with both my name and the company name on it to pay for the ad.
Shortly there after I was notified as the Grand Prize winner of their Sweepstake. The company owner suggested we opt out for the money. There is some assumption that the prize belongs to the company. I took the cash value of $4,500.00. I know I will personally be taxed on this next year, they made that very clear.
The question I have is who's money is this? Mine or the Company's?
I was told to put the money in my bank, hold a estimated amount for next years taxes and purchase "items" for the company until the balance runs out.
If it is the company's money I'd just as soon give them the balance, they would then owe taxes on that revenue (not their preference).
If the money is mine, like frequent flyer points earned on company time and paid with company funds, is there a ruling that I can reference?