• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Recent content by flossy21

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

  1. F

    Vacation award trip - timing of taxable event

    OK. Thanks.
  2. F

    Vacation award trip - timing of taxable event

    I prefer to defer the taxable event until 2019 because it will add about $4,000 to my taxable income which will be about $1,200 to $1,500 additional tax at my marginal tax rate. It seems like the IRS language in Pub 525 is clear, "However, if your employer merely promises to pay you a bonus or...
  3. F

    Vacation award trip - timing of taxable event

    I'm sorry. I'm not trying to be difficult or vague. As I said, I am the employee in this scenario and my employer is putting this on my 2018 W2. I think it belongs on the 2019 W2 because I won't receive the trip until 2019. I can see both sides but it seems premature to force me to pay taxes...
  4. F

    Vacation award trip - timing of taxable event

    Thanks for the reply. I'm the employee and I'd prefer to defer the taxable event to 2019.
  5. F

    Vacation award trip - timing of taxable event

    Great question. The airline tickets are virtual/online and the employee has the ability to access them via the airline website. The employee does not have possession or access to the tickets/reservation for the resort.
  6. F

    Vacation award trip - timing of taxable event

    It sounds logical but what happens if the employee leaves the employer before the trip in February or if the resort burns down and the employer decides to change the venue which costs more/less than the original venue. Would the employer then need to issue a corrected W2 or ?
  7. F

    Vacation award trip - timing of taxable event

    State of Virginia. Employee earns an award trip for surpassing a sales goal in calendar year 2018. The actual trip is in February of 2019. The employer booked the flights and paid the resort in calendar year 2018. The employer is including the cost of the award trip as taxable income on the...
Sponsored Ad

Top