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Sarbanes Oxley : Law : Thought Leader
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| New Law Could Mean 20 Percent Higher Taxes on Bonuses, Severance Pay and Other Deferred Income
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A new provision passed in response to recent corporate scandals is likely to have an unintended ? and costly ? effect on consultants and employees ranging from staff members to top managers at all types of companies. The American Jobs Creation Act, which goes into affect Jan. 1, could cause some employees and contractors to pay more than 20 percent extra in tax plus penalties.
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Bruce Wynn
Attorney
Morris, Manning & Martin
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