Topic: tax-exempt

WHAT TAX-EXEMPT ENTITIES WITH NO MILLION DOLLAR PLUS EMPLOYEES SHOULD KNOW ABOUT SECTION 4960 EXCISE TAXES

The Tax Cuts and Jobs Act of 2017 added several new provisions to the Internal Revenue Code (the “Code”) which impose new excise taxes on tax-exempt entities. One of these new provisions is Code Section 4960, Tax on Excess Tax-Exempt Executive Compensation. Code Section 4960 imposes excise taxes on certain compensatory payments to certain employees…

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