New 21 Percent Excise Tax: Does It Impact My Corporate Foundation?

The 2017 Tax Cuts and Jobs Act introduced a new excise tax on highly compensated nonprofit executives – among whom could be officers or board members of corporate foundations.  Council on Foundations has drafted a legal memo to help corporate foundation managers determine whether this tax applies – first by understanding the “related status” of the corporate foundation, and then by determining whether or not an individual is a “covered employee.”  Read more in this blog post from the Conference Board.