Harvard Pledges Restitution for 11,000 Employees After Tax Error

Harvard University pledged to ensure restitution for as many as 11,000 employees after two of its faculty pointed out the impact of a tax error by the school.

Harvard erroneously reported that about $20 million worth of payments for life insurance were taxable, resulting in possibly millions of dollars in overpayments for employees beginning in 2009, law professors Alvin Warren and Daniel Halperin, both of whom specialize in tax law, said Feb. 4 in a memo to staff and faculty obtained by Bloomberg.