The US Department of the Treasury has released long-expected proposed regulations regarding the section 4960 excise tax on certain remuneration or separation amounts paid to the five highest paid employees of a tax-exempt...more
On March 13, 2020, President Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the “Declaration”) due to extraordinary circumstances resulting from Coronavirus....more
3/17/2020
/ Coronavirus/COVID-19 ,
Corporate Counsel ,
Emergency Response ,
Employer Responsibilities ,
Financial Assistance Policies ,
Funding ,
Grants ,
Internal Revenue Code (IRC) ,
Private Foundations ,
Public Charities ,
Quarantine ,
State of Emergency ,
Tax Relief
As an update on an important matter that we raised during McDermott’s May 8 Tax Symposium, it is critical to promptly assess whether to report any excise taxes imposed under Section 4960 as the deadline for filing Form 4720...more
5/14/2019
/ Charitable Organizations ,
Employee Definition ,
Excise Tax ,
Filing Deadlines ,
Good Faith ,
Highly Compensated Employees ,
Internal Revenue Code (IRC) ,
IRS ,
Private Foundations ,
Privately Held Corporations ,
Proposed Regulation ,
Tax Exempt Entities ,
Volunteers
Section 139 of the Internal Revenue Code allows an employer to provide tax-free qualified disaster relief payments to Texas and Louisiana employees in designated areas affected by Hurricane Harvey....more