Estimated reading time: 0 minutes, 24 seconds

IRS Guides on Leave-based Donations

Thursday, Jun 11 2020
Tax
Written by 

The Internal Revenue Service says donations to charitable organizations that provide relief to victims of the COVID-19 pandemic in exchange for sick, vacation or personal leave which their employees forgo will not be treated as compensation. Gudiance was delivered under Notice 2020-46

 

The donated leave will not be treated as employee income and employees cannot claim a deduction for donated leave. However, employers, are eligible to deduct such cash payments as business expenses or as a charitable contribution deductions.  

Read 5548 times
Rate this item
(0 votes)
More in this category: « Tax Season Delay Hurts Block Results Thomson: Tax Departments Short on Resources »

Latest from Patrick O'Leary

Visit other PMG Sites:
Template Settings
Theme

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Link Color
Text Color

Header

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5

Footer

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5
Layout
Select layout
Menu
Select menu
Typography
Google Font
Body Font-size
Body Font-family
Direction
Reset
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline