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Why Cashing Out PTO Next Year Doesn't Work
Best Best & Krieger LLP Link to more items from this source
Aug. 16, 2016

"One of the newer 'variations' ... gives employees that have already accrued a certain amount of PTO the right to make an irrevocable election in calendar year 1 to receive a cash-out of a portion of their already accrued PTO as of the beginning of calendar year 2.... [T]he fact that they cannot receive the cash-out this year will prevent the money from being taxed this year, but it will not keep the amount subject to the election from being taxable in year 2. Therefore, all employees who are given the election will have additional taxable income in year 2 even though they do not elect to cash out anything."

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