IRS Proposes Rules on Executive Compensation Tax
Recently proposed regulations from the IRS aim to provide comprehensive guidance implementing the excise tax on executive compensation enacted by the Tax Cuts and Jobs Act.
NACUBO Offers Recommendations to IRS on UBIT Basketing Proposed Rules
NACUBO, joined by 10 other higher education associations, submitted recommendations to the IRS on proposed regulations for calculating unrelated business taxable income. The comments focused chiefly on the reporting of investments, asking the Service to adopt a greater than 50 percent ownership threshold for the control test and that a tax-exempt organization be allowed to look through any directly or indirectly held partnership interest.
IRS Offers Guidance to Employers for Reporting Coronavirus Sick and Family Leave Wages
The IRS has specified reporting requirements for amounts of sick and family leave wages paid to employees under the Families First Coronavirus Response Act.