Baucus Concerned About Exempts' Misreporting of Executive Compensation

From: Carol Guthrie for Finance Chairman Max Baucus (D-Mont.)

Re: IRS report on non-profits' executive compensation reporting

Chairman Baucus is commenting this morning on new information from the Internal Revenue Service (IRS) that a number of charities have misreported compensation to executives and high-ranking employees. From Chairman Baucus:

"Of course I'm deeply concerned by this report of serious errors in executive compensation reporting by a number of charities, both private and public. The vast majority of charitable organizations play a vital role in providing needed services and making our communities better places to live, but abuse in the sector is a serious thing. If the reporting errors were caused by confusing paperwork, that should be fixed immediately. But as Chairman of the Finance Committee, I am committed to pursuing abuse in this sector where so much good is otherwise done."

A copy of the IRS report on the Exempt Organizations Executive Compensation Compliance Project has been posted on the IRS website at http://www.irs.gov/pub/irs-tege/exec._comp._final.pdf.