Are you an employer interested in allowing a leave-based donation plan to benefit “victims of the further invasion of Ukraine”? As described in IRS Notice 2022-28, employees who participate in such a plan can receive favorable tax treatment. That is, payments made as part of an employer leave-based donation program before Jan. 1, 2023, won’t be treated as gross income or wages of the donating employees for federal tax purposes. Employees can elect to forgo vacation, sick or personal leave in exchange for the employer making cash payments to certain charitable organizations. Such employees can’t also deduct the value of the donation on their own tax returns. Call or visit our website for more information! www.mjscpa.com/
