Last Chance for Correcting Code Section 409A Related Plan Document Failures in Nonqualified Deferred

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This is a reminder that the deadline for correcting document failures of nonqualified deferred compensation plans under IRS Notice 2010-6 is December 31, 2010. IRS Notice 2010-6 permits correction of many common types of plan document failures while avoiding the severe adverse tax consequences of 409A violations. Certain corrections can be made after December 31, 2010, but penalties will apply. Therefore, it is important that any necessary action be taken promptly.

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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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