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What You Should Know About: Regulations of Non-Cash Rewards
According to a recent study from the Incentive Research Foundation, titled, "U.S. Federal Regulations and Non-Cash Awards," only 38 percent of program owners consider themselves very knowledgeable about regulations and tax requirements around non-cash awards.
The study aimed to examine program owners' understanding of the regulatory environment, and discusses how they are adjusting programs to accommodate regulations. The survey was executed in summer 2017 to a cross-section of 419 businesses, 106 of which operate in the financial services sector.
With a focus on key regulations (DOL Fiduciary Rule, 274j, OSHA, FLSA, Fair Market Value, and Sweepstakes/Lottery), program owners indicated that they were highly aware of regulatory and tax codes, but less knowledgeable about how to comply with them. Many program owners reported that they find regulations unclear and challenging to accommodate, but are making numerous changes to their programs in an effort to comply.
This month, we asked experts to chime in on what you ought to know about regulations and non-cash-rewards.