Hurricane Katrina: leave-based donation programs.Some employers may offer leave-based donation programs. Under such programs, employees may donate their unused vacation, sick or personal leave in exchange for the employer contributing the cash payment to a public charity, provided the money is designated for assisting Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. victims. Under Notice 2005-68, if employers operate such a program, they do not have to include the value of donated leave in their employees' income, as long as the money was contributed by Dec. 31, 2006 to a charity (for which contributions are deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). , provided the money is earmarked for assisting Hurricane Katrina victims). Employers can deduct de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. the donation as a charitable contribution charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. (subject to normal limits) or as a business expense. FROM RUTH WIMER, WASHINGTON, DC |
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