Section 162(m) of the Internal Revenue Code prohibits a publicly held corporation from taking compensation-related tax deductions with respect to the compensation of a “covered employee” to the extent the compensation exceeds...more
2/25/2025
/ Compensation & Benefits ,
Executive Compensation ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Publicly-Traded Companies ,
Regulatory Requirements ,
Section 162(m) ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax Reform
In his State of the Union address, President Joseph Biden targeted tax breaks for corporations and wealthy individuals who use private jets as part of a broader goal to make big corporations and the wealthy pay “their fair...more
The IRS continues to aggressively audit how free meals and snacks offered to employees in many workplaces are treated for federal tax purposes. Recent IRS guidance in this respect is Technical Advice Memorandum 201903017 (the...more
New York State recently established the Employer Compensation Expense Program allowing employers to elect to pay an Employer Compensation Expense Tax on payroll expenses paid to covered employees, which in turn allows the...more
The Internal Revenue Service (IRS) has issued Notice 2018-68 (Notice) providing guidance on changes in Code Section 162(m) made by the Tax Cuts and Jobs Act of 2017 (TCJA), Public Law 115-17. The Notice has some good news and...more
Due to the varying methods of state conformity to the Internal Revenue Code, both the prior and current versions of Section 162(m) continue to be a consideration for state taxes....more
Settlements with the government and those related to sexual harassment claims, as well as certain attorney’s fees, will be impacted by newly disallowed deductions....more