I just can't think this through today. And I need an answer quick. NOW account, $50 gift card. OK to do, do we have to incloude it as interest for IRS purposes?

What if we attach the $50 to having direct deposit of payroll in the NOW account?

Thanks!

If it is given for opening the account then yes it is reportable as interest. If it is given for direct deposit of payroll I would consider it 1099 miscellaneous reportable but that has a $600 threshold.

Thanks for the help. That's what I was thinking but it is too late in the week for this