The White House is reviewing final IRS regulations for a 21% tax on high-paid nonprofit employees, known as the “coach tax.”
The Office of Information and Regulatory Affairs began reviewing the rules (RIN: 1545-BO99) on Monday, according to its website. The rules fall under tax code Section 4960.
- The proposed version (REG-122345-18), released in June, included exceptions to the levy, created in the 2017 tax law.
- Multiple groups, including the Council on Foundations, applauded the proposed carveouts, which exempt from the tax employees who volunteer or spend limited time at a nonprofit, for example. ...