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Treasury And IRS To Allow 409A Corrections

by Mike Godfrey, Tax-News.com, Washington

05 December 2007


The Treasury Department and the Internal Revenue Service (IRS) on Monday issued a notice giving taxpayers the ability to correct certain operational failures to comply with section 409A of the Internal Revenue Code, which addresses nonqualified deferred compensation.

Notice 2007-100 provides relief for certain operational failures that are corrected in the same year.

The notice also provides transition relief through 2010 for operational failures up to a certain amount that are not corrected in the same taxable year, by limiting the amount of income inclusion and additional taxes.

In addition, the notice describes and requests comments on a potentially expanded program that would limit the income inclusion and additional taxes under section 409A for certain operation failures involving larger amounts.

Section 409A was signed into law as part of the American Jobs Creation Act in 2004, to address concerns over reported abuses in nonqualified deferred compensation plans.


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