It's for all employees whose employer will participate in the program.
The Treasury Department and the IRS are working together to help bring some relief to the victims of Hurricane Sandy.
They've put together a program that would allow employees to donate their unused vacation, sick or personal leave in exchange for employer cash payments made to qualified tax exempt organizations. "It's for employers that offer this program to their employees, including the Federal government," said IRS spokeswoman Peggy Riley. "It's just another way for those who are not as fortunate as others, and want to help out, show their support. There are a lot of charities set up to help the victims. But this is another way, if they don't have the cash to help donate themselves," continued Riley.
Employees can forgo leave in exchange for employer cash payments made before Jan. 1, 2014. 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 amount of the cash payment. Details on this relief are in Notice 2012-69. For more information go to www.IRS.gov .
The IRS continues to monitor the situation and will provide additional relief related to Hurricane Sandy as needed.