Whether you are an employee in the private or public sector or a member of Congress, it's important to remember that the gifts you receive come from a multitude of sources. This includes your colleagues, peers, and supervisors. As such, there is a myriad of gift-giving guidelines you should keep in mind. In fact, a good gift policy will prevent you from running into any issues down the road. Here are a few examples.
The most obvious of these is the 'gift of the gab'. For example, an employee may offer to bring a guest to a meeting. This may be the most practical of the gifts to offer. The recipient may choose to accept, decline, or even pay fair market value for the gift. The recipient may also choose to reimburse the person for the cost of the gift later on.
A 'gift of the week' is a popular practice among private sector employees. A colleague may offer to buy the employee a gift certificate to a local restaurant. This can be a great way to show your gratitude. However, this is not the best way to go about it. A better approach would be to offer a gift card to an accredited charity. In the long run, you will likely get more bang for your buck.
It's not hard to find a gift to give. Some examples include travel expenses, gifts of advanced payments, entertainment, and gifts of hospitality. There are also some less tangible gifts to consider. These gifts may be nonperishable, such as gift baskets and gift cards. They may be donated to a local charity, however, as opposed to being tossed in the trash.
As mentioned above, the 'gift of the week' is probably the most common way to receive a gift from a colleague. Other more unusual ways to get a gift include being offered a vacation by a friend, or being given an apartment from a long-time friend's family. This may or may not be the case, however, depending on the situation.
The most important thing to remember is that all of these are more complicated than the previous one. A more complex gift can only be given from a source that is eligible for tax deductions. If you are given cash in exchange for a gift, you must pay taxes on the proceeds. This is especially true if you are a member of Congress or a lobbyist. If the recipient of the gift is a relative, you may be in for a rude awakening.
The most important thing to remember is not to be too rushed when deciding what to give. A good rule of thumb is to give a gift only on special occasions, such as birthdays or weddings. You may also want to consider whether the gift is appropriate for the recipient. For instance, if the recipient of the gift is a young family, a vacation may not be the best option.