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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).
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Jump-Starting Business Development After Living in a Socially Distant World
By Deborah C. Scaringi
How do we go back to conducting productive business without seeming callous to the harsh realities many people are experiencing?
Prosecuting PPP Fraud May Be Harder Than It Seems
By Christopher M. Ferguson
This article discusses what tools the government has for pursuing seemingly undeserving PPP borrowers, the obstacles to bringing such cases, and the factors that may influence the government’s decision in pursuing criminal or civil cases.
Demand for Contract Lawyers Is Rising from COVID-19 Business Disruptions
By MP McQueen
Recruiters say the demand for contract attorneys in corporate and government legal departments and law firms is rising as the ongoing COVID-19 pandemic creates more of certain types of legal work.
Small Law, Big Changes: The Coming Disruption in the Legal Industry
By Rinky S. Parwani and Greg Garman
The billable hour is still profitable from a transactional perspective, but from a strategic perspective, in today’s economy, that profitability has begun to erode. That’s because our economy has fundamentally transformed into a service economy that is based on leverage and scale.
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