Colleges Paying Top Dollar for Coaches Will Pay Extra to IRS
- IRS releases guidance for excise tax on nonprofits’ pay
- Hospital executives, sports coaches likely to face 21% tax
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Highly paid college sports coaches and hospital executives are among the nonprofit employees the Internal Revenue Service is targeting in the final version of a tax-law regulation.
The IRS issued guidance Monday implementing a measure from President Donald Trump’s signature 2017 tax overhaul, which lowered corporate and individual levies but included some revenue-raising elements to help reduce the mammoth $1.5 trillion cost.