Posted by Jason Greis on March 15, 2009 under Articles | 
The American Reinvestment and Recovery Act of 2009 (“ARRA”), which became law on February 19, 2009, restricts executive compensation for certain entities participating in the federal government’s Troubled Asset Relief Program (“TARP”). Generally, these restrictions limit the types and value of certain compensation paid to executives and other highly compensated individuals in these entities. The TARP entities are required to abide by these restrictions as a condition of receiving federal funds under the ARRA. Several of the specific limitations on executive compensation in the ARRA are as follows: Read More...
Tags: 4958, 501(c)(3), american recovery and reinvestment act, ARRA, compensation, disqualified person, executive, greisguide, greisguidetoltachs, hospital, jason greis, ltac, LTACH, LTCH, mcguirewoods, not-for-profit, rebuttable presumption, tarp, tax exempt, troubled asset relief program
Posted by Jason Greis on February 15, 2009 under Articles |
On February 12, 2009, the Internal Revenue Services released its long-anticipated final report (the “Report”) containing the results of a two-year study focusing on community benefit reporting practices and executive compensation practices of tax-exempt hospitals. The results are based on a survey the IRS sent to 500 tax-exempt hospitals in May 2006, and builds on analysis of results first released by the IRS in an interim report in July 2007. Read More...
Tags: 4958, 501(c)(3), 501(c)(4), 69-545, community benefit, draft discussion, grassley, greisguide, greisguidetoltachs, hospital, internal revenue service, irs, jason greis, ltac, LTACH, LTCH, rebuttable presumption, tax exempt
Posted by Jason Greis on January 6, 2009 under Articles |
Two of my McGuireWoods colleagues wrote the below Client Alert discussing the IRS’s continued focus on non-profit executive compensation. Tax-exempt 501(c)(3) LTACHs should carefully follow both the legislative actions of Senate Finance Committee members Senators Charles Grassley and Senator Max Baucus, both of whom support and have promised significant changes to the way non-profit hospitals are organized and managed. Senator Grassley and his staff released the attached document entitled “Tax-Exempt Hospitals: Discussion Draft” on June 20, 2007, which is probably instructive regarding the type of far-reaching legislation Senator Grassley is likely to propose at some point in 2009. Read More...
Tags: 4958, 501(c)(3), disqualified person, excess benefit transaction, excise tax, executive compensation, greisguide, GreisGuide to LTACHs, hospital, internal revenue service, irs, ltac, LTACH, LTCH, non-profit, not-for-profit, reasonableness, rebuttable presumption, tax exempt
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