Awesome! I have always loved my bosses. We always would collect or individually give a gift to them. I usually gave them something for their families to do together.
I suggest maybe a "New Years Basket."
Include a bottle of Sparkling wine and a bottle of sparkling Apple cider some plastic Champagne glasses for the whole family. Noise makers and 2012 hats.. Make it festive with Shiny Mylar tissue.. It will a fun thing for their family to enjoy together.
We also have done a Family Game night.. With board games, snacks, and joke books.
Family Movie night with Blockbuster (or netflix) gift cards, Snacks etc..
"Christmas morning Breakfast Basket".. Pancake or Waffle mixes, Maple Syrup, Good Bacon, sausage or Ham, oranges, coffee, Hot chocolate mix. .. etc.