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.
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