|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Report Link Will You Be Ready For Section 409A Compliance Audits?Cooley Godward Kronish LLP. - October 30, 2009 IRS audits that cover compliance with Section 409A of the Internal Revenue Code seem a near term certainty.[1] As a result, employers should take steps now to ensure that their deferred compensation arrangements are in compliance with the documentary and operational requirements of Section 409A. Adverse tax consequences under Section 409A may include premature taxation, an additional 20% federal income tax (and possibly an additional state tax equivalent, as is the case in California), and an interest-charge tax. Report Link Reporting and Withholding Requirements for Deferred Compensation under Section 409A of the Internal Revenue Code.Ford & Harrison LLP - December 19, 2008 As a general matter, employers and others are required to report, on Form W-2 or Form 1099-Misc (whichever is applicable), various amounts attributable to nonqualified deferred compensation arrangements under section 409A of the Internal Revenue Code. For example, compensation that is deferred during a year is reportable, and deferred compensation that is received – or that is otherwise taxable under section 409A – is reportable. In addition, in the case of employees, taxable amounts generally constitute wages subject to withholding. Report Link Legal Alert: Section 409A Update - New Guidance from the IRS.Ford & Harrison LLP - December 10, 2008 On December 5, 2008, the Internal Revenue Service (IRS) issued new guidance under Internal Revenue Code (Code) Section 409A. The new guidance consists of: (1) proposed regulations dealing with the calculation of amounts includible in income under, and the additional taxes imposed by, Section 409A(a) when nonqualified deferred compensation fails to comply with Section 409A, and (2) a Notice providing relief for, and methods of correcting, certain operational failures to comply with Section 409A. Report Link A Section 409A Year-End Reminder: Action May Be Required Now.Littler Mendelson, P.C. - November 19, 2008 As the end of 2008 quickly approaches, employers should review whether they have taken sufficient steps to become compliant with the provisions of Section 409A of the Internal Revenue Code ("Section 409A"), which governs deferred compensation arrangements. The purpose of this newsletter is to discuss certain items that employers must focus on by year-end 2008 to ensure compliance with Section 409A. Report Link Year-End Deadline Looms for Tax Code §409A Compliance.Ford & Harrison LLP - November 13, 2008 Problem: In less than two months, on January 1, 2009, your company's executives may become liable for income tax, plus a 20% additional tax, as well as penalties and interest, on income they have earned – even if payment is not due until a later year, or is conditioned on an event, such as a termination without cause that is uncertain to occur. This applies to executives in both public and private companies. Report Link Final Code § 409A Documentation Compliance Deadline for Deferred Compensation Plans and Arrangements Fast Approaching.Baker Hostetler LLP - November 12, 2008 Since 2004, complying with the new tax rules for deferred compensation under Internal Revenue Code ("Code") § 409A has been a source of ongoing discussion. You likely have received several executive alerts regarding the subject. The final documentary compliance deadline (December 31, 2008) fast approaches, and it appears that there will be no more postponements. Report Link IRC §409A Deadline Looms for Deferred Compensation Arrangements.Baker, Donelson, Bearman, Caldwell & Berkowitz, PC - October 13, 2008 The December 31, 2008, deadline for bringing ALL deferred compensation arrangements into compliance with the requirements of Internal Revenue Code §409A is rapidly approaching. Failure to act now could result in the imposition of significant additional taxes. Report Link Don't Hand Your Employees a Lump of Coal This Holiday Season!Fisher & Phillips, LLP - October 06, 2008 Many employers are now beginning their compensation planning for 2009. But this year, unlike others, brings a new holiday treat, namely required full compliance with Section 409A of the Internal Revenue Code which places significant limitations and conditions on so-called "deferred compensation" plans and agreements. Report Link Code Section 409A Compliance Deadline Nears.Phelps Dunbar LLP - October 01, 2008 Section 409A of the Internal Revenue Code Revenue now governs the manner in which compensation is deferred and how deferred amounts are paid or distributed. The new rules apply to compensation deferred after December 31, 2004, and previously deferred compensation that vests after that date. Report Link Important Deadline for Code Section 409A Compliance (pdf).Jones Walker - August 01, 2008 Non-qualified deferred compensation arrangements are now subject to a tough new tax
regime under Internal Revenue Code Section 409A. Section 409A became effective on
January 1, 2005, but, because of the complexity of the issues involved in applying the
law, the IRS did not issue final regulations until 2007. As a result, employers have been
given until December 31, 2008, to bring plans and agreements into full documentary
compliance (i.e., to amend written plans and put unwritten plans into writing). Report Link Making Tax Code §409A Corrections Before Time Runs Out.Ford & Harrison LLP - July 09, 2008 Problem: In less than six months, your company’s executives may become liable for income tax, plus a 20% additional tax, as well as penalties and interest, on income they have earned, even if payment is not due until a later year, or is conditioned on an event, such as a termination without cause that is uncertain to occur. This applies to both public and private companies. December 31, 2008 is the deadline to bring your company’s non-qualified deferred compensation plans and arrangements, including employment and separation agreements into full compliance with §409A of the Internal Revenue Code. Report Link New IRS Guidance Complicates Both Executive Bonus Plans and Deferred Compensation Arrangements.Ogletree Deakins - March 04, 2008 In Revenue Ruling 2008-13 (Feb. 21, 2008), the Internal Revenue Service (IRS) added an additional layer of complexity to drafting compensation arrangements for senior executives - an area of the law that already has been subjected to unprecedented changes as the result of Internal Revenue Code (IRC) Section 409A. The ruling adopts a new interpretation of IRC Section 162(m), which Congress enacted in 1993 to limit the amount publicly-traded companies and their affiliates can deduct for compensation paid to their highest-ranking executives. Rev. Rul. 2008-13 expands the scope of Section 162(m) so that an executive's performance-based compensation under a performance plan that satisfies all the criteria of Section 162(m) will be non-deductible solely because the executive also is covered by a severance provision that takes his or her targeted performance bonus into account in calculating severance pay. Report Link Deferred Compensation Planning Opportunities for Executives of Tax-Exempt Entities.Buchanan Ingersoll & Rooney PC - January 25, 2008 Executives of nonprofit, tax-exempt entities are often frustrated by their inability to duplicate the opportunities available in the for-profit sector to defer their receipt of significant amounts of otherwise current (and currently taxable) compensation to the period following their retirement. Report Link IRS Extends 409A Compliance Deadline and Provides Guidance on 409A Reporting.Littler Mendelson, P.C. - November 08, 2007 The IRS recently issued two notices relating to Section 409A of the Internal Revenue Code. Notice 2007-86 extends until December 31, 2008 a number of Section 409A compliance requirements as well as the Section 409A "good faith compliance" period. Notice 2007-89 provides guidance on reporting and wage withholding for employers and others in connection with deferred income. Below, we discuss the salient aspects of both notices. Report Link Transition Relief for Compliance with § 409A Final Regulation Extended.Ford & Harrison LLP - November 08, 2007 Written compliance with the § 409A Final Regulation has been extended by the IRS through December 31, 2008. IRS Notice 2007-86, issued October 22, 2007, supersedes the limited transition relief that was provided in Notice 2007-78 issued in September 2007. Although this extended transitional relief is welcome, employers must still take steps to ensure that all plans subject to § 409A are currently operating in good faith compliance with § 409A. Report Link Treasury Extends Transition Relief for Section 409A Nonqualified Deferred Compensation Plans.Jackson Lewis LLP - October 26, 2007 The Treasury Department and Internal Revenue Service issued Notice 2007-86 to extend - for another year - transition relief for nonqualified deferred compensation arrangements that are subject to Section 409A of the Internal Revenue Code. Report Link Benefits Alert - Less Than 100 Days - That's How Long Your Company Has to Comply with Section 409A in Operation.Ogletree Deakins - September 26, 2007 With open enrollment only weeks away, your new online system is still being tested. It's not going well. The latest merger, the largest yet, is closing at year-end, meaning thousands of new and wary employees must assimilate into your benefit programs. Your daughter wants to be who for Halloween? And isn't it your turn to host your spouse's family (all of them) for Thanksgiving? Report Link IRS Notice Provides Limited Relief for 409A Plans; Does not Change Operational Compliance Deadline of January 1, 2008.Ford & Harrison LLP - September 24, 2007 A recent IRS Notice provides limited transition relief and additional guidance for compliance with the requirements of the § 409A Final Regulation, which is effective January 1, 2008. Report Link IRS Extends Section 409A Documentation Deadline – Action Still Required By December 31, 2007.Littler Mendelson, P.C. - September 20, 2007 On September 10, the IRS released Notice 2007-78 extending the deadline for documentary compliance with Section 409A of the Internal Revenue Code from December 31, 2007 to December 31, 2008. Section 409A imposes significant rules related to deferred pay arrangements that became effective January 1, 2005. Final regulations relating to these rules were released earlier this year and provide that pay arrangements are required to be in "good faith compliance" with the rules through the effective date of the regulations, January 1, 2008. Additionally, under the rules, certain substantive changes in the form and timing of distributions under a deferred pay arrangement are permitted to be made through December 31, 2007. Report Link Nonqualified Deferred Compensation Selected Compliance Requirements of Code § 409a.Jackson Lewis LLP - September 18, 2007 This is the third article in a series of articles discussing Internal Revenue Code Section 409A and the related guidance issued to date. The first article provided an overview the origin and general requirements Code § 409A imposes on "nonqualified deferred compensation plans." The second article explored the limited deferred compensation arrangements that are (or may be) wholly or partly excluded from the sweeping requirements of Code § 409A. This final article focuses on selected compliance items. Deferred compensation arrangements that are not excluded from coverage under Code § 409A must be (or have been) operationally compliant as of January 1, 2005. Final regulations issued April 17, 2007 require all nonqualified deferred compensation plans to be in writing and for plan documents to be brought into compliance with the law and regulations by December 31, 2007. Report Link Treasury and IRS Extend Deadline for 409A Document Compliance.Ogletree Deakins - September 14, 2007 On Monday, September 10, 2007, the Treasury Department and the IRS issued Notice 2007-78, which provides limited transition relief and additional guidance on the application of Internal Revenue Code Section 409A to nonqualified deferred compensation plans. Notice 2007-78 extends the deadline for plan document compliance under 409A from December 31, 2007, to December 31, 2008. The notice allows a plan to be amended retroactively to January 1, 2008, if the plan contains all of the provisions required by the 409A final regulations and reflects the operation of the plan on or after January 1, 2008. Report Link Nonqualified Deferred Compensation Coverage And Carve-Outs Under Code § 409A.Jackson Lewis LLP - August 20, 2007 This is the second article in a series of three articles exploring the requirements of new Code § 409A. In "Nonqualified Deferred Compensation under Code § 409A and the Final Regulations" published in last month's issue, we discussed the background and key requirements of Code § 409A. Report Link Section 409A Broadly Impacts Employment Agreements, Severance Arrangements and Settlement Agreements.Littler Mendelson, P.C. - August 13, 2007 Many employment law attorneys and human resource professionals are surprised to learn that section 409A of the Internal Revenue Code ("Section 409A"), which was enacted to curb abuses related to deferred pay arrangements for high-ranking executives, also impacts arrangements that defer pay only incidentally and arrangements that are broad based across an employee population. This Insight discusses how Section 409A affects employment agreements, severance arrangements and settlement agreements, how employers can utilize exceptions built into the rules to sidestep the restrictions imposed by Section 409A and the necessary steps that employers must implement in order to comply with these rules. Report Link Are Teachers' Salaries Deferred Compensation?Fisher & Phillips, LLP - June 28, 2007 An issue unique to the private school industry is for the school to pay ten-month teachers over a twelve-month period. This allows both the school and the teacher to budget throughout the year and allows the school to have money from which to make insurance payment deductions during the summer break. Report Link Nonqualified Deferred Compensation Under Code § 409A and the Final Regulations.Jackson Lewis LLP - June 27, 2007 Internal Revenue Code § 409A, added to the Code in 2004, imposes sweeping requirements on certain deferred compensation arrangements used extensively by employers and, if noncompliant, significant consequences for the employees who are intended to benefit under such arrangements. Report Link Final Regulations Issued On Nonqualified Deferred Compensation Plans.Ogletree Deakins - June 15, 2007 On April 10, 2007, the Internal Revenue Service (IRS) and the Department of the Treasury issued final regulations under Internal Revenue Code Section 409A. Section 409A was added to the Code by the American Jobs Creation Act of 2004 and is generally effective for compensation deferred on or after January 1, 2005, under certain nonqualified deferred compensation plans and arrangements ("nonqualified plans"). Report Link IRS Issues Final Section 409A Regulations Affecting Deferred Compensation Arrangements / December 31, 2007, Deadline For Amending Documents.Fredrikson & Byron, P.A. - May 30, 2007 In November 2004, November 2005, and October 2006, we sent to you advisories concerning the requirements of Section 409A of the Internal Revenue Code, enacted by Congress as a part of the American Jobs Creation Act of 2004. Report Link Benefits Reminder: Action Needed By Year-End On Deferred Comp Plans.Fisher & Phillips, LLP - May 29, 2007 On April 17, 2007, the Treasury Department released final regulations interpreting the nonqualified deferred compensation requirements of Section 409A of the Internal Revenue Code. Nonqualified deferred compensation that fails to satisfy the requirements of Section 409A is subject to punitive tax treatment and penalties. Report Link New Regs Require Action By Year-End (pdf).Fisher & Phillips, LLP - May 16, 2007 On April 17, 2007, the Treasury Department released final
regulations interpreting the nonqualified deferred compensation
requirements of Section 409A of the Internal Revenue Code.
Nonqualified deferred compensation that fails to satisfy the requirements
of Section 409A is subject to punitive tax treatment and penalties. Report Link Section 409A - IRS Issues Final Regulations Governing Deferred Compensation.Buchanan Ingersoll & Rooney PC - May 04, 2007 The IRS recently released its much anticipated final regulations (the "Regulations") under Section 409A of the Code. The Regulations and related supplementary explanation expand on many of the key issues that were previously addressed in IRS Notice 2005-1 and the proposed regulations. Notably, however, the Regulations do not extend the transition period for complying with Section 409A, and therefore employers will need to bring their plans into compliance by year end. Report Link Final Section 409A Regulations Affect a Wide Range of Compensation Devices and Require Employer Action by Year-End.Littler Mendelson, P.C. - April 20, 2007 The newly issued Section 409A regulations govern nonqualified deferred compensation plans, but you might not realize how broad they actually are. Report Link IRS Issues Final Section 409A Regulations.Ford & Harrison LLP - April 19, 2007 The IRS and Treasury Department have finally issued final regulation on 409A nonqualified deferred compensation plans and arrangements. Report Link Final Regulations Issued Under Section 409A On Nonqualified Deferred Compensation Plans.Ogletree Deakins - April 16, 2007 The IRS has issued the final regs under Section 409A, effecting deferred compensation. Report Link IRS Extends Date for Amendment of Deferred Compensation Arrangements.Fredrikson & Byron, P.A. - November 06, 2006 In November 2004, we advised you that the American Jobs Creation Act of 2004 had significantly changed the rules relating to nonqualified deferred compensation and that, with a few exceptions, the new rules would apply to most kinds of arrangements providing for the deferral of taxable income if the deferral occurred after December 31, 2004, or there were material modifications to an existing arrangement. These new rules are generally referred to as the Section 409A rules. Report Link IRS Extends Date for Amendment of Deferred Compensation Arrangements.Fredrikson & Byron, P.A. - November 03, 2006 In November 2004, we advised you that the American Jobs Creation Act of 2004 had significantly changed the rules relating to nonqualified deferred compensation and that, with a few exceptions, the new rules would apply to most kinds of arrangements providing for the deferral of taxable income if the deferral occurred after December 31, 2004, or there were material modifications to an existing arrangement. These new rules are generally referred to as the Section 409A rules. Report Link The IRS Extends Transitional Rules for Deferred Compensation -- And Reminds Employers of Their Current Obligations.Littler Mendelson, P.C. - October 16, 2006 On October 4, 2006, the Internal Revenue Service issued Notice 2006-79, which extends the dates for certain transitional relief under Internal Revenue Code Section 409A for deferred compensation arrangements. Report Link Deferred Compensation Planning Opportunities For Executives of Tax-Exempt Entities.Buchanan Ingersoll & Rooney PC - July 28, 2006 Executives of nonprofit, tax-exempt entities are often frustrated by their inability to duplicate the opportunities available in the for-profit sector to defer their receipt of significant amounts of otherwise current (and currently taxable) compensation to the period following their retirement. Report Link IRS Suspends Form W-2 Rptg & Withholding Requirements for Sec 409A Dfrd Comp until Further Notice (pdf).Vedder Price - December 19, 2005 The Internal Revenue Service (IRS) recently announced in Notice 2005-94 a suspension of the new deferred
compensation reporting and withholding requirements under Internal Revenue Code Section 409A. Future guidance
from the IRS, however, may subsequently require an employer to issue an updated and corrected 2005 Form W-2 (on
a Form W-2c) to account for an employee’s taxable nonqualified deferred compensation under Section 409A.
Individual taxpayers remain responsible for the payment of any tax owed under Section 409A, but the IRS will not assess
penalties if the employee waits for future guidance to determine the taxes owed (interest charges will apply). While
Notice 2005-94 applies to both employer–employee and payer–independent contractor relationships, this Benefits
Briefing focuses only on employer–employee reporting and withholding Report Link IRS Provides Relief For Nonqualified Plan Reporting And Withholding Requirements (pdf).Ogletree Deakins - December 15, 2005 As requested by the payroll community, the IRS in Notice 2005-94 has suspended
the reporting and withholding requirements recently passed into law under the American
Jobs Creation Act of 2004 (which were scheduled to go into effect beginning with the 2005
calendar year). Report Link Proposed regulation issued on nonqualified Deferred compensation plans (pdf).Ogletree Deakins - November 09, 2005 On September 29, 2005, the IRS issued an advance copy of proposed regulations
regarding the application of Internal Revenue Code Section 409A to nonqualified
deferred compensation plans and arrangements (“nonqualified plans”). Under Section
409A, which generally is effective for amounts deferred on and after January
1, 2005, all amounts deferred under a nonqualified plan are subject to current income
taxation unless the plan complies with the election, distribution and acceleration
requirements of Section 409A. Report Link Proposed Regulations Issued Interpreting 2004 Deferred Compensation Rules Changes.Fredrikson & Byron, P.A. - November 08, 2005 As you may be aware, the American Jobs Creation Act of 2004 added Section 409A to the Internal Revenue Code of 1986, effective January 1, 2005. Code Section 409A imposes strict requirements on executive nonqualified deferred compensation plans, and has far-reaching implications for other employment agreements. Failing to comply subjects the executive to income taxes, interest and a 20% penalty on the deferred compensation benefits. Report Link New IRC Section 409A Deferred Compensation Proposed Regulations.Vedder Price - October 12, 2005 NEW IRC SECTION 409A DEFERRED COMPENSATION PROPOSED REGULATIONS: On September 29th, the IRS issued a 238-page release of proposed regulations under IRC Section 409A (which imposes, among other things, a 20% penalty tax on the individual taxpayer).
It addresses many of the questions raised by IRS Notice 2005-1 (released last December). Of particular importance are the following: Report Link Proposed Regulations Issued On Nonqualified Deferred Compensation Plans (pdf).Ogletree Deakins - October 06, 2005 On September 29, 2005, the IRS issued an advance copy of proposed regulations regarding the
application of Internal Revenue Code Section 409A to nonqualified deferred compensation plans and arrangements ("nonqualified plans"). Under Section 409A, which generally is effective for amounts deferred on and after January 1, 2005, all amounts deferred under a nonqualified plan are subject to current income taxation unless the plan complies with the election, distribution, and acceleration requirements of Section 409A. Report Link New Rules for Deferred Compensation Arrangements: Guidance Under IRS Notice 2005-1.Jackson Lewis LLP - February 17, 2005 The American Jobs Creation Act of 2004, enacted October 22, 2004, made fundamental and significant changes to the federal tax rules for deferred compensation. These changes are largely contained in new § 409A of the Internal Revenue Code. Report Link New Rules for Deferred Compensation Arrangements: Guidance Under IRS Notice 2005-1.Jackson Lewis LLP - January 20, 2005 The Jobs Creation Act of 2004, enacted October 22, 2004, made fundamental and significant changes to the federal tax rules for deferred compensation. These changes are largely contained in new § 409A of the Internal Revenue Code. Report Link Nonqualified Deferred Compensation Guidance (pdf).Vedder Price - January 03, 2005 The Treasury Department and the IRS released Notice 2005-1 on December 20, 2004 providing limited guidance on the new nonqualified deferred compensation tax law imposed by Internal Revenue Code Section 409A. While the guidance is not definitive and indicates that the Treasury and the IRS are still thinking through these rules, the notice helps with respect to 2005 deferred compensation planning issues. Report Link Nonqualified Deferred Compensation in a Changing Environment (pdf).Vedder Price - November 02, 2004 On October 22, 2004, President Bush signed into law a
large corporate tax bill known as the American Jobs
Creation Act of 2004. At a svelte 650 pages (not to
mention the 600-page Conference Report), the new law
changes a myriad of provisions affecting corporate taxes,
with 16 of those pages overhauling the rules applicable to
nonqualified deferred compensation plans. Report Link New Legislation May Require Extensive Changes for New & Existing Executive Compensation Arrangements.Littler Mendelson, P.C. - October 27, 2004 The American Jobs Creation Act of 2004 was passed by Congress on October 11 and is expected to be signed into law by the President shortly. If enacted, this legislation will make significant changes to rules relating to deferred compensation arrangements, and will affect a considerable number of programs that have been established to benefit corporate executives.
|
ArticlesFound: 48 ArticlesNO SUBTOPICSEmployment Law Seminars
2010 Ushers In Many Important Changes to Workplace Laws
Columbia
November 20, 2009 Fisher & PhillipsANNUAL EMPLOYMENT LAW UPDATESacramento
December 1, 2009 Shaw ValenzaMonthly Webinar: Preventing Workplace Harassment (California and National)Webinar
December 1, 2009 LittlerCalifornia Legally Required Sexual Harassment Training: It's Never Too Late to ComplySan Francisco
December 1, 2009 Fisher & PhillipsThe Constangy Management Training Center "Employment Law 201"Tampa
December 2, 2009 ConstangyCalifornia Legally Required Sexual Harassment Training: It's Never Too Late to ComplyOntario
December 2, 2009 Fisher & PhillipsAudio Conference: Employee Caregivers Dealing With DementiaAudio Conference
December 2, 2009 Young ConawayClients, Adversaries and Witnesses: The Ethics of Communication in a Fast-Paced Legal World Web CastWebinar
December 4, 2009 Ford & HarrisonTaking Executive Compensation Hostage; What To DoWebinar
December 8, 2009 Baker HostetlerPREVENTING HARASSMENT AND OTHER EEO ISSUES AT WORK: IT’S ALL ABOUT RESPECT (AB 1825 COMPLIANCE)Sacramento
December 9, 2009 Shaw Valenza |
|
| ||
|
Terms of Use
|
Privacy
|
Advertising
|
About
|
Contact
|
For Law Firms
|
Partners
Copyright © 2009 elinfonet.com, llc.
The use of this site, and the terms and conditions for our providing information, is governed by our Terms of Use, including the disclaimers contained therein. By using this site, you acknowledge that you have read the Terms of Use and that you accept and will be bound by the terms thereof.
This site is designed for lawyers concentrating in employment law and human resource professionals who specialize in employee relations. As more fully set forth in the terms of use, the information provided on or through this site is for general information purposes; it is not a determination of your legal rights, nor your responsibilities under the law. None of the information contained on this site is, or should be construed as, legal advice. The information should not be relied upon for legal advice. We are not engaged in the practice of law and no attorney-client relationship is being created. Any information communicated to any lawyer via this site does not have the confidentiality protection of the attorney/client privilege. If you are seeking legal advice, find a qualified lawyer in your area. If you need help finding a lawyer, call your local, county or state bar association. All logos and trademarks on this site are property of their respective owners. | ||
Federal Article Feeds