New Limits on Exec Comp Tax Deductions Just the Beginning

New Limits on Exec Comp Tax Deductions Just the Beginning

March 29, 2021, Agenda

Michael Chittenden is quoted in Agenda regarding an amendment to 162(m) of the Internal Revenue Code, causing corporations to lose out on tax deductions for adding another five employees whose salaries are above $1 million. Mr. Chittenden says, “162(m) is always a popular place to go to look for revenue when you need it. The timing was a surprise; the change itself, not so much.”

He adds, “My speculation is that revenue that was raised by this was intended to make sure that was satisfied, but I don’t know that for sure.”