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- 7/29/10 Retirement Gifts. - Retirement gifts are acceptable if the employee is retiring after ten or more years of service subject to IRS limitations. These are considered achievement awards for length of service. If awards are given to an employee for any other purpose such as an accomplishment, it is considered taxable income.
- 4/15/10 2009-2010
Capital Equipment Disposals, Transfers, Trade-Ins, etc. - If you have removed capital equipment from service during the fiscal year which has not been reported to our office, please complete the "Property Control" form and return to Ellen Keenan in the Controller's Office by May 20th. If you have any questions call Ellen Keenan at x3116.
- 4/15/10 Budget Review and Analysis - Please review the "Budget Review and Analysis" memo.
4/15/10 Year-end Closing - Please review the "Year-end Closing" memo.
5/15/10 Illinois Wage Payment and Collection Act - from 820 ILCS 115/4) (from Ch. 48, par. 39m-4):
"Sec. 4. All wages earned by any employee during a semi-monthly or bi-weekly pay period shall be paid to such employee not later than 13 days after the end of the pay period in which such wages were earned.
Wages of executive, administrative and professional employees, as defined in the Federal Fair Labor Standards Act of 1938, may be paid on or before 21 calendar days after the period during which they are earned.”
Please refer to the Controller’s office web page, Payroll Department, to review the payment calendars as to when the request for payment is due to the payroll office.
- 11/20/09 Gifts - As the holiday season and December graduation approaches, the Controller’s Office would like to remind you of certain IRS rules concerning gifts. In general, the IRS treats amounts transferred (given) to employees, students, and outside parties as taxable to them unless the gift is of a de minimis value ($25 annually). The gift must be of property, not cash, to be excluded from taxation. Unfortunately, the IRS deems gift certificates to be cash. Therefore, gift certificates, even if under $25, are taxable to the recipient. So in your giving, we would advise you to give gifts of property ($25 or less per recipient) and not gift certificates. If we find that a gift certificate has been given, we will need the name of the recipient and such amount will be taxed to him/her. If you have any questions, please contact either Allyn Kosenko at #3130 or Pratima Gandhi at #3117.
- Select Travel and Entertainment Reminders