The country is still coming to terms with the new taxation law passed under the Tax Cuts and Jobs Act in 2017. Before it was passed there numerous speculation about the impact it would create in the country bloggers, journalist and citizens all over the country were going berserk with headlines about what would be the impact.
While others were yet to understand what changes it will bring, Jeremy Goldstein, a compensation lawyer in New York was upbeat that the law would cause some changes in taxation for some people.
According to Jeremy Goldstein, some parts of the executive compensation would be affected. In the new tax law, executives’ compensation should be taxed even when there is no risk of them forfeiting. This means that when an executive offers services, the money he or she gets from the services is taxed immediately. This rule does not take into account whether the compensation has been made or not. Connect with Goldstein on LinkedIn.
Another part of the law says that top executives such as CEOs will not be taxed if the compensation they receive is above $1 million in a tax year. People considered to be top executives were increased such that executives above the CFO will be affected by this new law.
There are other important changes that are projected by financial experts. It is upon the executives and the companies to work out solutions for the new law.
About Jeremy Goldstein
Jeremy Goldstein holds a bachelor’s degree from Cornell University and masters from the University of Chicago. He then joined the New York University School of Law where he graduated with a law degree. He first worked with one of the largest law firm s in New York before he left to start his own.
Known as Jeremy L. Goldstein & Associates. Jeremy Goldstein has dedicated his profession to assisting CEOs, management teams and corporations with matters touching on compensation, corporate governance as well as executive compensation. His commitment is to help business organizations to have smooth compensation plans that will not hinder the activities of the industry. Read more: Jeremy Goldstein | Slideshare and Jeremy Goldstein | Crunchbase
In the time he has been working in this industry, he has assisted some prominent companies such as Goldman Sachs, NYSE Group Inc., J.P Morgan Chase & Co, Duke Energy among many others. Jeremy Goldstein also serves in the Bar Association Business Section as a committee member. He also helps businesses with mergers and acquisitions.
When he is free, h normally attends conferences and gives lectures about executive compensation and corporate governance.
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