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Am Law 100 firm with practices in Business, Digital Assets and Data Management, Intellectual Property, Labor & Employment, Litigation and Tax.

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John Carney Chairs and Speaks, Jimmy Fokas Speaks at PLI Basics of Accounting for Lawyers 2025

Webinar Series: Transforming Legacy Management Experience

Rebecca Schrote Presents on APEX Depositions at Columbus Bar Association CLE Session

To Help the New Administration Help Your Industry, You Need an Agency Strategy (Real Estate Finance Journal)

According to an Oct. 4, 2022, Wall Street Journal article titled “Endowment Tax on Wealthiest Universities Netted a Fraction of Predictions in 2021,” IRS figures show that the impact of a federal tax on universities’ endowment incomes has “so far been minimal.”  Established in 2017 at a time when wealthy universities were being criticized for continuing to raise tuition as their endowments thrived, the tax was initially expected to bring in $200 million per year, according to the article. In 2021, 33 schools paid a total of $68 million.  Partner Alexander Reid told the publication that this amounted to “a rounding error for the schools, a rounding error for the government, and really just a thumb in the eye more than anything.”  <a href="https://www.wsj.com/articles/endowment-tax-on-wealthiest-universities-netted-a-fraction-of-predictions-in-2021-11664886683?mod=Searchresults_pos1&page=1">Read the article (subscription required).</a>

Alexander Reid Quoted About Impact of Endowment Tax on Wealthy Universities

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