IRS provides special relief to encourage leave-based donation pr - KSLA News 12 Shreveport, Louisiana News Weather & Sports

IRS provides special relief to encourage leave-based donation programs for victims of Hurricane Harvey

© iStockphoto.com / Kativ © iStockphoto.com / Kativ

From IRS.gov

WASHINGTON – The Internal Revenue Service today announced special relief designed to support leave-based donation programs to aid victims of Hurricane Harvey.

Under these programs, employees may forgo their vacation, sick or personal leave in exchange for cash payments the employer makes, before Jan. 1, 2019, to charitable organizations providing relief for the victims of this disaster.

Under this special relief, the donated leave will not be included in the income or wages of the employees. Employers will be permitted to deduct the cash payments as business expenses.

This relief is similar to that provided following Hurricane Katrina in 2005, Hurricane Sandy in 2012, the Ebola outbreak in West Africa in 2014, and last year following Hurricane Matthew and severe flooding in Louisiana. Details of this relief are in Notice 2017-48, posted today on IRS.gov.

Information on other tax relief available to victims of Hurricane Harvey can be found at www.irs.gov/hurricaneharvey. For information on government-wide relief efforts, visit www.USA.gov/hurricane-harvey

Remember that all of the web page addresses for the official IRS website, IRS.gov, begin with http://www.irs.gov. Don' t be confused or misled by Internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is http://www.irs.gov/.

*DISCLAIMER*: The information contained in or provided through this site section is intended for general consumer understanding and education only and is not intended to be and is not a substitute for professional advice. Use of this site section and any information contained on or provided through this site section is at your own risk and any information contained on or provided through this site section is provided on an "as is" basis without any representations or warranties.
INFORMATIONAL DISCLAIMER The information contained on or provided through this site is intended for general consumer understanding and education only and is not intended to be and is not a substitute for professional financial or accounting advice. Always seek the advice of your accountant or other qualified personal finance advisor for answers to any related questions you may have. Use of this site and any information contained on or provided through this site is at your own risk and any information contained on or provided through this site is provided on an "as is" basis without any representations or warranties.
Powered by Frankly