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Gift Card Rules continued from page 104
Islands and certain other for- eign jurisdictions, have explicit unclaimed property reporting requirements. Unclaimed prop- erty liability is not a tax, but rather a liability under state succession laws relating to property rights. Breakage and Generally
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Accepted Accounting Prin- ciples. Retailers routinely sell gift cards to individuals, with the expectation that a certain portion of
these cards will
never be used, called break- age, which mostly results from lost cards. If the card does not fall under specifi c state escheat
rules, the question arises as to when companies can recog- nize income from breakage for fi nancial statement purposes under GAAP.
In addition, the white pa-
per also looks at recent IRS directives on gift cards, both favorable and unfavorable to re- tailers, and how the IRS plans to focus on revenue recognition in connection with gift card sales. “The sales and use of gift cards continues to increase. There- fore, retailers will continue to focus on maximizing revenue and earnings from gift card sales,” says Sutton. “Maximiz- ing earnings is dependent on minimizing breakage, subject to state escheat laws, managing state income tax consequences of issuing and distributing gift cards, and achieving the abil- ity to defer revenue from the sale of gift cards for federal in- come tax purposes. These will be ongoing issues for retailers for the foreseeable future.” To download a copy of the re- port, visit
www.GrantThornton .com/giftcards. ■
Email:
info@medi-ring.com www.medi-ring.com
106 April 2011
602-451-2244 Fax: 1-888-884-5154
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