IRS Rules Target Coaches at Duke, Notre Dame, Hospital Chiefs
- Tax law put excise levy on top-earning non-profit employees
- Loophole in law allows public university coaches to duck tax
Duke men's basketball coach Mike Krzyzewski
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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.