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On August 3, 2020, the U.S. Internal Revenue Service (IRS) posted a set of frequently asked questions (FAQs) regarding the tax treatment of leave-sharing plans maintained by an employer to help its COVID-19 affected employees. The FAQs confirm that COVID-19 is a “major disaster” for purposes of IRS Notice 2006-59, which provides guidance on leave-sharing plans. An employer may set up a tax-favored leave-sharing plan pursuant to IRS Notice 2006-59 that allows employees to… Continue Reading IRS Issues FAQs on Leave-Sharing Plans to Aid Employees Affected by COVID-19