Daily Tax Report ®

IRS Plan for Overseeing New Nonprofit CEO Tax Ready by Oct. 15

June 10, 2019, 4:26 PM

The IRS will complete its strategy for ensuring nonprofits pay a new 21% tax on the salaries of their highest-compensated executives by Oct. 15, the agency said in response to a watchdog report.

The compliance strategy will include revision of several tax forms and instructions, and research to identify taxpayers that are likely to be affected, the IRS said.

  • The Internal Revenue Service said it has already completed one part of its strategy to prepare and provide potentially affected nonprofits with an educational letter about the tax, which was enacted under the 2017 tax overhaul. The IRS sent 3,955...
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