Understanding gift card tax rules

06/28/2010 | PizzaMarketplace.com

As gift cards grow in popularity among restaurants that are eager to bring in new customers, eateries are finding that the tax reporting of card sales is complicated. While cards might not be redeemed in the year they were purchased, the IRS typically requires reporting in that tax year. There are ways to defer payment, but some practices including the use of third-party vendors and the sale of reloadable cards cancel out the ability to defer.

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Staff Assistant, Food Trucks/Commissary Manager
University of Massachusetts Amherst
Amherst, MA