IRS Expands Section 409A Relief with Notice 2010-80

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On November 30, 2010, the Internal Revenue Service issued Notice 2010-80, which modifies its prior Notice 2010-6 (generally providing transitional relief for documentary corrections under Internal Revenue Code Section 409A (“Section 409A”)) and Notice 2008-113 (providing for operational corrections under Section 409A) to expand the relief and reduce the reporting requirements under such Notices. (For detailed background information, please see the Morrison & Foerster client alerts regarding Notice 2010-6 and Notice 2008-113.) In particular, Notice 2010-80 provides for: (i) an expansion of the types of compensation arrangements eligible for correction under Notice 2010-6; (ii) guidance and transitional relief regarding compensation arrangements that require the recipient to execute a release or other agreement to receive payment; and (iii) reduced informational and reporting requirements with respect to certain corrections.

First, Notice 2010-80 provides relief by reducing the informational and reporting requirements originally set forth in Notice 2010-6 and Notice 2008-113.

Please see full alert below for more information.

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Topics:  Executive Compensation, IRS, Reporting Requirements, Section 409A

Published In: Administrative Agency 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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