- March 2010
- Many Nonprofit Programs Hold Even or See Gains in Obama’s 2011 Budget
- Congress Passes Plan to Encourage Cash Donations for Haiti Relief
- Budget Plan Revives President’s Call for New Charitable-Deduction Limits
- Supreme Court Campaign-Finance Ruling Could Aid Nonprofit Advocates
- Obama’s $50-Million Fund to Spur Innovation Gets Underway
- Senate and House Pass Jobs Bills with Tax Credits for Non Profit Employers
- Fundraisers Challenging Utah’s Registration Requirements
- Notre Dame Gets First Property Tax Bill from Indiana County
- Court Rejects Texas Rules on Solicitation Disclosure
- States and Local Governments Considering Taxing Non Profits
- Arizona Takes Donor’s Gift
- MA Non Profits May Lose Out Following Madoff Case Ruling
- IRS Gives Haiti Special Disaster Status
- Recent Estate-Tax Changes Did not Make Big Difference to Charitable Gifts
- IRS Adjusts Levels for Nominal Value Premiums
- Postal Service May Increase Rates and Reduce Service
- All Pages
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IRS Gives Haiti Special Disaster Status
The Internal Revenue Service officially declared the earthquake in Haiti a “qualified disaster for federal tax purpose,” which will benefit companies with employees affected by the disaster.
The designation allows corporate foundations to provide cash aid to their needy workers. These payments generally include amounts to cover necessary personal, family, living or funeral expenses that were not covered by insurance. They also include expenses to repair or rehabilitate personal residences or repair or replace the contents to the extent that they were not covered by insurance.
Under IRS rules, corporate grant makers are barred from using philanthropic dollars to help employees except for special circumstances. In addition to helping business, the disaster designation allows victims of the earthquake to exclude this monetary assistance from income on their tax returns.