Tag Archives: Tax Cuts and Jobs Act
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Excise Tax on Nonprofits: Executive Compensation
Many tax-exempt organizations will now be required to pay an excise tax on any compensation over $1 million paid to each of their top five employees. That amount of compensation, including end-of-career parachute payments, may be subject to the corporate tax rate, which is currently 21 percent. Internal Revenue Code section 4960, enacted as part of the Tax Cuts and Jobs ... Read More
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Are Business Lunches Entertainment?
The new tax legislation, called the Tax Cuts and Jobs Act (TCJA) eliminated most deductions for client entertainment expenses. Prior law allowed a 50 percent deduction for both meals and entertainment expenses, and so there was no need for businesses to differentiate between the two categories. The newly enacted TCJA eliminated deductions for entertainment, amusement, and recreation expenses, but ... Read More
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Exempt Organizations: Tax Reform Provisions to Watch
Part II: Senate and House proposals By Nancy Ortmeyer Kuhn, Chair of Jackson & Campbell's Tax Group The Joint Committee on Taxation released the Senate’s “Description of the Chairman’s Mark of the ‘Tax Cuts and Jobs Act’” on November 9, 2017. The Ways and Means Committee of the U.S. House of Representatives previously released its long-awaited tax bill on November 2, ... Read More
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Exempt Organizations: Tax Reform Provisions to Watch
By Nancy Ortmeyer Kuhn, Chair of Jackson & Campbell's Tax Group The Ways and Means Committee of the U.S. House of Representatives released its long-awaited tax bill on November 2, 2017. The bill is entitled Tax Cuts and Jobs Act, H.R. 1 (“TCJA”). Note that there is nothing in the title referencing “tax simplification”. The full text of the bill ... Read More