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For those adversely affected by COVID-19, the IRS issued FAQs which said employers may setup leave-sharing programs. Employees would be able to deposit leave into an employer-sponsored leave bank for other employees to use.
Employees depositing leave in a qualifying plan:
- May not claim an expense, loss deduction, or charitable contribution for the deposited leave
- Do not include the deposited leave in wages or income
IRS Notice 2006-59 provides more information about the eight requirements a qualifying plan must have in order for donor employees not to be taxed on their donated leave.
Download the bulletin for more details.
This blog is intended to be a compilation of information and resources pulled from federal, state, and local agencies. This is not intended to be legal advice. For up to the minute information and guidance on COVID-19, please follow the guidelines of the Centers for Disease Control and Prevention (CDC) and your local health organizations.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
