Group seeks grandfathering of compensation under contracts signed before new tax law, or revised rules on 457(f) plan benefits The Tax Cut and Jobs Act of 2017 was a bonanza for high earners and corporations, but contained a bitter pill for many tax-exempt groups: A 21 percent excise tax on compensation above $1 million for the five highest-paid employees. The problem is, as ASAE says in a recent letter to the Treasury Department, many organizations that pay their CEOs and top staff much less than $1 million annually could incur the new tax when they make payouts of deferred income as executives near retirement. "Those dollars were earned over a period of years. To be… Read More