Hiring Challenges For Nonprofit Employers After Tax Reform

Law360 (July 3, 2018, 5:29 PM EDT) -- For-profit companies are seeing various benefits from last year's federal tax overhaul, mainly as a result of the drop in the corporate tax rate. A substantial number of for-profit companies pounced on this opportunity by providing one-time bonuses, modifying their compensation and benefit plans and utilizing the tax savings to increase:

Minimum wage

Salaries

Retirement benefits

Investment in training employees

In addition to the changes benefiting for-profit companies, effective Jan.1, 2018, the tax reform bill imposed a new 21 percent excise tax on nonprofits that pay compensation of $1 million or more to any of their five highest-paid employees.

Not-for-profits, or...

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