In January of 2019, the IRS issued Notice 2019-09 to clarify changes made to Section 4960 of the Internal Revenue Code (IRC) by the Tax Cuts and Jobs Act (TCJA). Within this notice, the IRS levies a 21% excise tax on compensation (including retirement plan payments) made to “covered employees” of applicable tax-exempt organizations (ATEO) in excess of $1M in a given year.
Potential Solution – Split Dollar Life Insurance
Mullin Barens Sanford Financial Can Help
Mullin Barens Sanford Financial
Through a powerful combination of independence and experience, Mullin Barens Sanford Financial and Insurance Services (MBS Financial) is a leading consulting firm that assists companies with 409A and other executive benefit needs.
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