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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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By Catherine Alman MacDonagh and Frederick J. Esposito Jr.
Law firms must continuously review business and legal processes to operate and interact with less waste and costs and develop pricing models that address client needs while generating profits for the law firm. This is actually simple, but not easy to do.
By J. Mark Santiago
Planning for the downturn in a clear, methodical way by investing the existing good fortune that most firms enjoy into strengthening your technical infrastructure, trimming expenses, and rethinking how administrative services are delivered to the attorneys.
By Dean Whalen
In the court reporting market, technology has matured to match or exceed stenography’s stronghold on speed and accuracy and, as such, is poised to disrupt the market.
By Kristen Dallman
In this marketplace, one thing is abundantly clear: To remain competitive, you must adapt. So how can you adapt in a way that meets the increased expectations of today’s client? Focus on client experience.