IRS Establishes Voluntary Correction Program Under Code Section 409A

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Earlier this month the Internal Revenue Service established a correction program which, under certain conditions, allows employers to bring employment agreements and other nonqualified deferred compensation arrangements into compliance with Internal Revenue Code Section 409A. Importantly, the program includes a transition period by which eligible plan document failures may be corrected by December 31, 2010 without penalty.

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Published In: General Business Updates, Labor & Employment Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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