current as of 23 June 2008
This page contains information on some other tax related subjects.
Prizes and Awards are includable in the gross income of the recipient unless they are for:
and the payer issues the check in the name of a governmental unit or a charity at the recipient's request.
When processing an IEEE Award, it would be a good idea to notify the awardee that his or her award will be taxable income unless he or she requests that payment be made to a governmental unit or a charity.
IEEE is required to issue an IRS Form 1099MISC to individuals paid amounts representing a Prize or Award. 1099s are not required when the individuals assigns the payment of the prize or award to a charity or governmental unit.
In the U.S., research grants may qualify as tax-free payments if they meet the requirements of Scholarships and Fellowships. See discussion above.
When IEEE co-sponsors a conference with a for-profit-entity, IEEE must ensure that: