IRS triples collection of nonprofit taxes

The Internal Revenue Service has more than tripled the collection of taxes on private college and university endowment income and excess compensation of nonprofit executives for 2022 compared to the collections in 2021, according to a recent release of tax statistics . Taxes on net investment income from endowments of private colleges and universities rose from $68 million from 33 institutions in 2021 to $243 million from 58 institutions in 2022. Taxes on executive compensation over $1 million and excessive “golden parachute” payments to retirees rose from $210 million on 516 returns in 2021 to $670 million on 1710 returns in 2022. The new taxes were imposed in the 2017 tax bill ( See Ready...

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IRS triples collection of nonprofit taxes

IRS triples collection of nonprofit taxes