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Under current law, compensation paid to the employees of a tax-exempt organization is not subject to excess remuneration rules as it would be for a similar for-profit organization. Under the Tax Cut and Jobs Act, should certain employees of a tax-exempt organization receive compensation greater than $1,000,000 during the tax year from any combination of a tax-exempt organization and/or its related organizations, the organizations would be subject to an excise tax on that employee’s compensation in proportion to their payments to the employee. This rule applies to the five highest compensated employees of the tax-exempt organization with compensation greater than $1,000,000 for the taxable year, as well as any other employee with compensation greater than $1,000,000 who was formerly classified within the “five highest compensated employees” during any taxable year beginning after Dec. 31, 2016 (§4960 of the Code).
By Debra Gray
Clients expect sophisticated and secure systems to keep their information safe. This obviously makes your IT professional’s job much harder. Additionally, attorneys expect instant performance and near 100% up time. Achieving the delicate balance between accessibility and security is a challenge.
By Lizzy McLellan
What Does Widespread ‘Deleveraging’ Mean for Law Firm Health?
Industry watchers say law firms have become less reliant on bank debt over the past decade, as they explore other funding options. Often, that means raising capital from partners, or turning to other, less common sources.
By Dylan Jackson
Baby boomers control an outsize portion of law firm business. As they inch toward retirement, how are firms preparing for the transition process?
By Debra Baker
Six Pillars of a Successful Bus-Dev Program
For firms wanting to thrive through the next economic downturn and beyond, mastery of business development fundamentals is as essential as mastering legal skills. Yet training and coaching — whether done internally or through outside consultants — requires an investment in time and resources.