Wednesday, March 3, 2021

Summaries of Excess Remuneration Excise Tax (IRC 4960) Final Regulations

DownloadWith the new year came final regulations under section 4960, interpreting the excise tax on excess remuneration paid by tax-exempt organizations to covered employees. They are effective for tax years beginning after December 31, 2021; before then, exempt organizations may rely either on Notice 2019-09 or the proposed regulations instead, but only if they do so in their entirety. Numerous commentators have now created helpful summaries of the final rules, including:

  • Law Firms
    • Ropes & Gray (a detailed summary)
    • Steptoe (highlighting changes from the proposed regulations)
  • Accounting Firms
    • Deloitte (a particularly detailed summary)
    • EY
    • Grant Thornton (a particularly detailed summary)
    • KPMG
    • PWC (highlighting changes from the proposed regulations)

Lloyd Mayer

https://lawprofessors.typepad.com/nonprofit/2021/03/summaries-of-excess-remuneration-excise-tax-irc-4960-final-regulations.html

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