Excise Tax on Executive Compensation: What’s Known Now, What’s To Be Determined
For years beginning after December 31, 2017, tax exempt organizations will now be required to pay a 21% excise tax for any compensation that it paid to its “covered employees” that exceeds $1 million. Watch Tom Lanning, Partner in the Not-for-Profit Industry Practice, explain what not-for-profits need to know about excise tax.
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InsightFASB Issues Guidance on Contributions Received and Contributions MadeOn June 21, 2018, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU 2018-08) intended to clarify and improve the scope and the accounting guidance for contributions received and made, primarily by not-for-profit organizations