Uncertainty Surrounds Limited Guidance on Payroll Deferral Plan
According to an IRS notice published late Friday, employers may defer the withholding and deposit of employees’ share of social security tax for the period of September 1 through December 31, 2020. The liability for the taxes is not waived and employers opting to participate in the deferral will need to collect and deposit those amounts between January 1, 2021, and April 30, 2021.
Final Endowment Tax Regulations Adopt Reasonable Approach
The IRS and Department of the Treasury finalized rules governing the net investment income tax imposed on certain private colleges and universities. Many provisions in the final rules reflect the comments submitted by NACUBO and other stakeholders.
NACUBO Applauds IRS and Treasury for Reasonable Approach to Problematic Endowment Tax
The IRS and the Department of the Treasury released final rules for the endowment excise tax and took a measured approach to an otherwise misguided levy on certain private colleges and universities.