Answer:
If the amount if the gift is more than $600, IRS rules require you to give the person a 1099-MISC.
Limits/Reporting of Grand Opening Gifts
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Question:
Are there limits or reporting requirements on the dollar amount for gifts being provided to customers and non-customers attending a bank grand opening?
There will be no requirements to open an account. Anyone who attends the grand opening will receive a gift. What regulation would apply to this?
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