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Payments & Reimbursements Announcements Archive

May22018
Fiscal Year 2017-2018 Year-End Closing Schedule
Our current fiscal year, FY18, will end on June 30, 2018. As we near this closing date, it is important for Divisions/Units/Departments to review purchasing requirements and budgets. You will need to be aware of deadlines which must be followed to ensure transactions are processed correctly and in time to meet fiscal year-end requirements.

A detailed calendar of closing events is posted on the Financial Affairs website. Please take the time to review the Fiscal Close 2017-2018 Schedule.
Jan292018

‚ÄčRecent Tax Law Affects Treatment of Moving Expenses and Gift Card Awards to Employees
Due to the passage of the 2017 Tax Cuts and Jobs Act, effective 1/1/18, Non-Cash Employee Gifts (gift cards and parking passes) and Moving Expenses are now considered taxable income to the recipient. UCOP is still exploring the full impact of the Tax Cuts and Jobs Act, and more details will follow. For now, please be aware of the following:

Non-Cash Employee Gifts: Gift Cards and Parking Passes
A gift card or one-month parking pass presented to an employee in recognition of achievement, length of service, or retirement is no longer considered to be a gift of tangible personal property under the Act. As a result, effective 1/1/18, they represent taxable, reportable compensation income to the recipient. Under current UC policy, an employee may not receive gifts of taxable, non-tangible personal property from the University. Because of this policy conflict, units are advised to avoid presenting gift cards or transit passes to an employee, if possible, until further information on UC policy changes and definitive guidance is received on how best to proceed.
Moving Expenses
Under the Act, all reimbursements paid to or payments made on behalf of an employee, on or after 1/1/18, for moving expenses, are considered taxable income to the employee. Previously, expenses for such things as moving and storing household goods, and shipping personal automobiles, were not tax reportable. Please consult with Accounting Services Director Ed Moran if your unit is faced with a relocation situation involving the payment and/or reimbursement of moving expenses.
Apr282017
Fiscal Year 2016-2017 Year-End Closing Schedule
Our current fiscal year, FY17, will end on June 30, 2017. As we near this closing date, it is important for Divisions/Units/Departments to review purchasing requirements and budgets. You will need to be aware of deadlines which must be followed to ensure transactions are processed correctly and in time to meet fiscal year-end requirements.

A detailed calendar of closing events is posted on the Financial Affairs website. Please take the time to review the Fiscal Close 2016-2017 Schedule.
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