As tax laws vary across countries and the territories within them, it is important to know that KudosRewards™ may be taxable in your jurisdiction. Please review your governing tax laws to understand cash and near-cash taxable benefits in your area.
To see how many points have been redeemed by your team, go to ⚙️ > Reports > Points by Year, and select Redeemed Points from the dropdown. You can sort this as required for time period, people, department, locations, etc. update the report, and download it to CSV. This will show the points redeemed, not their dollar value. To calculate the dollar value, you will need to reference the point to dollar ratio that you have in place (i.e. 10 points to 1 dollar).
Based on this information, you can calculate the dollar value per employee, which can be submitted to payroll for tax deductions.
Custom rewards that are non-monetary may be tax exempt. To differentiate between redemptions (Custom or Kudos) you can run a report under ⚙️ > Redeem. If any non-taxable items show up, you can adjust that person's point total and taxable benefit calculation. Most clients treat all redemptions as taxable, given that the majority use the eGfit cards. The average for these redemptions is below $500 annually, so Admins typically do the calculation once per year.
You have the option of adding a taxable benefits disclaimer under ⚙️ > Account > Rewards > Taxable Benefits Disclaimer.
We hope this helps! If you have any questions, please post a comment below and one of our friendly team members will be happy to assist you.