NCAA

January 11th, 2019 | by CollegeAD
NCAA
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Major-college sports’ never-ending fight over competitive balance has a new point of contention. The federal tax-law changes passed in December 2017 included the creation of an excise tax on the pay of non-profit organizations’ most highly compensated employees, a levy that targeted any college or university with a coach or athletics director making big money. However, while many athletics departments are now facing a substantial new expense, there also are schools that employ some of college sports’ highest-paid coaches and will not have to pay, according to newly issued guidance from the Treasury Department and the Internal Revenue Service and the schools’ assertions of their federal tax-exempt status through documents posted on their websites and statements to USA TODAY Sports from school spokespeople. The excise-tax provision was supposed to cover all non-profit organizations, imposing a 21% levy on compensation above $1 million — including bonuses — that goes to any of their five highest-paid employees in a year.  – Steve Berkowitz,  usatoday –  Read More

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