Not For Profit/Exempt Organizations Blog

Tag Archives: tax reform

Final Regulations on Executive Compensation Excise Tax (Section 4960) Carries Forward Most Concepts from Proposal

By Amanda H. Nussbaum, James Huffman, Katrine Magas and Seth Safra on Posted in Executive Compensation, IRS, Tax Reform, Tax-Exempt Organizations
On January 19, 2021 the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) published in the Federal Register Final Regulations (the “Final Regulations”) interpreting the excise tax under Section 4960 of the Internal Revenue Code on certain executive compensation paid by tax-exempt organizations. The Final Regulations maintain most of the concepts from … Continue Reading

10 Keys to Excise Tax on Executive Compensation Paid by Tax-Exempt Organizations

By Seth Safra, Amanda H. Nussbaum, Katrine Magas and James Huffman on Posted in Executive Compensation, IRS, Not-for-Profit, Tax Reform, Tax-Exempt Organizations
Proposed Regulations under Section 4960 of the Internal Revenue Code provide important guidance for tax-exempt organizations and their affiliates regarding an excise tax on certain executive compensation.  The U.S. Department of the Treasury (“Treasury”) and Internal Revenue Service (the “IRS”) are accepting comments until August 10, 2020.  (Throughout this post, “Sections” refer to sections of … Continue Reading

Five Excise Tax Tips For Tax-Exempt Employers

By Seth Safra, David Miller, Amanda H. Nussbaum, Steven Weinstein and Damian A. Myers on Posted in Executive Compensation, Not-for-Profit, Tax Reform, Tax-Exempt Organizations
As we have previously discussed, the 2017 tax reform act created a new excise tax under section 4960 of the Internal Revenue Code that will affect many tax-exempt employers.  The tax is 21% of certain compensation and can be triggered if an employee receives more than $1 million of compensation or an employee receives certain … Continue Reading

IRS Releases Interim Guidance on New Excise Tax on Executive Compensation Paid by Tax-Exempt Organizations

By Steven Einhorn, Tyler Forni, David Miller, Amanda H. Nussbaum and Ira G. Bogner on Posted in IRS, Tax-Exempt Organizations
On December 31, 2018, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) released Notice 2019-09 (the “Notice”), which provides interim guidance under Section 4960 of the Internal Revenue Code. Very generally, Section 4960 imposes a 21% excise tax on certain tax-exempt entities (and certain related organizations) that pay remuneration in … Continue Reading

Proskauer’s 23rd Annual Trick or Treat Seminar

By Amanda H. Nussbaum on Posted in IRS, Labor
Proskauer’s 23rd Annual Trick or Treat Seminar was held on Wednesday, October 31. The Seminar discussed: Sexual Harassment in the #MeToo Era Taxing Times for Tax-Exempt Organizations: The Impact of Tax Reform on Executive Compensation and Employee Benefits for Tax Exempt Organizations Recent, Spooky Tax Changes Affecting the UBTI Rules Amanda Nussbaum welcomed everyone and briefly … Continue Reading

Updates for Tax-Exempt Organizations from the Senate Bill

By David Miller, Amanda H. Nussbaum, Elizabeth M. Mills, Steven Einhorn and Amy Zelcer on Posted in IRS
Early on December 2, 2017, the Senate passed the Tax Cuts and Jobs Act (the “Senate Bill”).  This blog entry describes certain provisions of the Senate Bill that would have the most significant impact on the nonprofit community, including important differences between the Senate Bill and the prior version of the Senate bill and the … Continue Reading

New Rules for Tax-Exempt Organizations in the Tax Cuts and Jobs Act

By Steven Einhorn, David Miller, Elizabeth M. Mills and Kathleen R Semanski on Posted in Charitable Giving, Private Foundations, Religious Organizations
House Republican Tax Bill Imposes Excise Tax on Wealthy Private Universities and Excess Compensation of Highly Paid Employees; Subjects State Pension Plans to UBTI Rules On Thursday, November 2, House Republicans led by Speaker Paul Brady (R-WI) and Chairman of the House Ways & Means Committee Kevin Brady (R-TX), released the first public draft of … Continue Reading

Senate Finance Committee Staff Compiles Past Proposals for Exempt Organization Tax Reform

By Elizabeth M. Mills on Posted in Charitable Giving
As part of a series of papers outlining tax reform options for the Senate Finance Committee (SFC), the SFC staff recently published a paper on tax reform options for tax-exempt organizations and charitable giving.  Like the other staff papers on tax reform options, the exempt organizations paper compiles suggestions that have been made by witnesses … Continue Reading
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