For your business:
- • Any cash gift given to your employees is to be included in their taxable wages.
- • If you give business gifts to clients or associates you may only deduct up to $25 of a gift given to each person
Personal gifts over $14,000 in cash or property require a Gift Tax return to be filed and are taxable to the donor.
Charitable contributions of cash need to be documented no matter the amount, but specifically amounts over $250 need to be documented by the qualified organization.
These are just a few of the general rules the IRS has. There are other rules and exemptions so if you have further questions feel free to contact me.