On May 7th, the IRS introduced a new platform that will allow access to tax-exempt organizations’ public information more quickly and easily (See IRS-2018-116.) The Tax Exempt Organization Search (TEOS) replaces the old platform, EO Select Check. On TEOS, images of Form 990 recently filed will be available for the first time.
Under the Tax Cuts and Jobs Act, a new excise tax applies to compensation in excess of $1 million paid to any of the five most highly-compensated employees of an exempt organization as well as certain separation payments made to these individuals (roughly equal to three times base salary). It’s unclear, however, whether these apply to public colleges and universities.