March 2010

Whitlock Quoted in Tax.com Article, IRS Challenges NYSE Executive Compensation

Brian Whitlock, Partner, is quoted in the following excerpt from Tax.com article, IRS Challenges NYSE Executive Compensation.

"In the for-profit world, all [the IRS] would do is disallow the deduction," said Brian T. Whitlock, a tax partner at Blackman Kallick LLP. In the nonprofit world, the Service, on determining an abuse, can impose an excise tax of between 25 and 200 percent of the excess amount on the excessively compensated individual and 10 percent on the manager who approved the excess.

"If in the for-profit world, [the IRS] had the ability to assess a penalty similar to what they're doing in the nonprofit world," Whitlock continued, "wouldn't that change boards a lot and how they approve these compensation packages?"

Read full article.


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