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Friday, May 14, 2021 The Tax Cuts and Jobs Act of 2017 added Code Section 4960 to the Internal Revenue Code, which is intended to tax excessive compensation of executives providing services to tax-exempt entities. The limitations apply to tax years beginning on or after January 1, 2018. The Treasury Department previously published proposed regulations and issued interim guidance in the form of an IRS notice (IRS Notice 2019-60). Final regulations were published on January 19, 2021. The final regulations are effective for tax years beginning on or after January 1, 2022. In the interi...

KEYT Photo The Biltmore property, pictured here in November 2020, has been closed since last spring. MONTECITO, Calif. - After shutting down last March when the coronavirus pandemic began, the Four Seasons Biltmore resort in Montecito will remain closed through at least 2022. It's unclear when the beachside retreat will reopen, even as other Santa Barbara-area hotels prepare for a travel industry rebound this summer. About 450 Biltmore employees remain furloughed after last March's closure. More than 250 of them are taking legal action against the hotel through local attorney Bruce Anticouni....