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IRS Notice Offers Good News for State Colleges and Universities (at Least for Now)
Ogletree Deakins [Guidance Overview] Feb. 6, 2019 "Of particular interest to state colleges and universities is the answer to Q-5 of [Notice 2019-09]. It provides that the Section 4960 excise tax does not apply to a governmental entity (including a state college or university) that is not tax-exempt under Section 501(a) and does not exclude income under Section 115(l).... [This] means the institution could compensate its athletic coaches (or other covered employees) in excess of the $1 million threshold and not be subject to the 21 percent excise tax." |
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