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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InsightTax Alert: Nondeductible Parking ExpensesLori Rothe YokoboskySince the Tax Cuts and Jobs Act (TCJA) was signed into law on Dec. 22, 2017, not-for-profits have been joining together with a common mission – to repeal the tax imposed under the new Internal Revenue Code Section 512(a)(7), attributable to nondeductible parking expenses.
InsightThe District of Columbia Requires DC Registered Nonprofits to Renew Tax ExemptionsStarting in 2019, the District of Columbia (DC) Office of Tax and Revenue (OTR) is mandating nonprofit organizations that claim tax-exempt status in DC must reapply for tax-exempt status through an online renewal process.
InsightThe Wayfair Decision and the Impact on Not-for-Profit OrganizationsOn June 21, 2018, the United States Supreme Court decided in favor of the state of South Dakota in the case of South Dakota v. Wayfair, Inc, 585 U.S. (2018). This ruling overturned its prior holdings in Quill Corp v. North Dakota, 504 U.S. 298 (1992), which had been a longstanding precedent for determining whether an out-of-state seller was required to collect sales tax.