IRS Clarifies Its $1 Million Tax Deduction Limit on Executive Pay


McDermott published an On the Subject, cited here, regarding Internal Revenue Notice 2018-68, which strictly interprets the Section 162(m) grandfathering rule under the Tax Cuts and Jobs Act. “Public companies and other issuers subject to these deduction limitations will want to closely consider this guidance in connection with filing upcoming periodic reports with securities regulators,” the authors wrote.