Bloomberg Tax
June 5, 2020, 9:48 PM

IRS Rules Target Coaches at Duke, Notre Dame, Hospital Chiefs

Sam McQuillan
Sam McQuillan

Heads up, Duke basketball’s Mike Krzyzewski and Notre Dame football’s Brian Kelly, the Internal Revenue Service has new rules that could take a hefty chunk of your multimillion dollar salaries.

The IRS issued guidance on Friday that implements a change in the 2017 tax overhaul, and levies a 21% excise tax on some non-profit employees’ salaries above $1 million. The tax could also hit many highly-compensated private college coaches as well as non-profit hospital executives, such as Kenneth Davis at Mount Sinai in New York or Yale New Haven Hospital’s Marna Borgstrom.

The 2017 Republican law included a ...

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