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Regulation and Compliance > Federal Regulation > IRS

IRS Lets China Quake Victims Exclude Donations

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The Internal Revenue Service says employer-sponsored private foundations can treat the recent catastrophic earthquake in China as a “qualified disaster.”

The decision, announced in IRS Notice 2008-57, means that “employee victims” who receive disaster relief aid from the foundations can exclude the donations from U.S. taxable income, according to the IRS.