IRS Gives Employees-Employers Unique Way To Assist Katrina Victims

The particular IRS has never been known as a creative bureaucracy. To promote donations to Katrina victims, however , it is being very creative.
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The IRS has come up with Hurricane Katrina Leave Donation Program to help out those in need through special tax treatment rules. In a ground breaking program, employees can donate their vacation and sick keep donations by asking their company to make a cash donation equivalent to the amount that would otherwise be paid.

Employees

Employees benefit from this new system in two ways. First, they can create donations without taking money from their current cash savings. Second, the employee will not be responsible for paying out takes on the donated time, which may obviously be a huge deterrent.

Companies

Employers also benefit in two ways with this unique program. Initially, they can work hand in hand with employees to assist the relief effort. Second, the employer can deduct the cash payments since either a charitable contribution or normal business deduction. Importantly, employers are certainly not required to pay employment taxes on any donations. This fact on your own makes participating in the Hurricane Katrina Leave Donation Program a worthwhile business.

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