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Article: The End Is Near! Section 409A Compliance Is Required By Year's End.(United States. Internal Revenue Service)(Internal Revenue Code )
- Article from:
- Mondaq Business Briefing
- Article date:
- December 19, 2008
- Author:
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In October 2004, Congress added Section 409A to the Internal Revenue Code to curb the perceived tax abuses of nonqualified deferred compensation arrangements. While Section 409A was effective as of Jan. 1, 2005, until now plans were only required to comply in operation on the basis of good faith. Effective Jan. 1, 2009, all nonqualified deferred compensation arrangements must comply with the rules set forth in the IRS regulations. This means that all nonqualified deferred compensation arrangements must be in writing and amended to comply with the IRS rules before the end of 2008.
Last year we reported that the IRS granted an extension for compliance with the ...