The IRS has issued proposed regulations to reflect changes in the Tax Cuts and Jobs Act (TCJA) related to officers’ compensation made by publicly held corporations. For federal tax purposes, the tax code limits the deduction for certain employee remuneration in excess of $1 million (often referred to as executive compensation). The proposed regs implement the amendments made to code section 162(m)(1). They also clarify the application of the grandfather rule for remuneration that’s provided under a written binding contract that was in effect as of Nov. 2, 2017. Taxpayers can rely on the proposed regs for tax years before the final regs are effective. For more info: http://bit.ly/22sH7mAm Call or visit our website for more information! www.mjscpa.com/
