This page contains information on some other tax related subjects.
Current as of 18 October 2013.
Prizes and Awards can be included in the gross income of the recipient unless they are for:
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 award recipient 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 US, research grants may qualify as tax-free payments if they meet the requirements of scholarships and fellowships above.
When IEEE co-sponsors a conference with a for-profit-entity, IEEE must ensure that: