Financial Services Industry
Industry: Email Alert RSS Feed409A corrections
California CPA, Jan-Feb, 2008
The IRS issued Notice 2007-100, which gives taxpayers the ability to correct certain operational failures to comply with IRC Sec. 409A, which addresses nonqualified deferred compensation.
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The notice also provides transition relief through 2010 for operational failures up to a certain amount that are not corrected in the same taxable year by limiting the amount of income inclusion and additional taxes.
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Download the notice at http://ustreas.gov/press/releases/hp707.htm.>
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