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ARTICLE · 21 JANUARY 2008

Employee Benefits Advisory: IRS/Treasury Announce Voluntary Correction Program For Operational Code § 409A Violations

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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In Notice 2007-100 (the Notice), the Internal Revenue Service and the U.S. Department of the Treasury announced a voluntary correction program for operational violations of Internal Revenue Code (the Code) § 409A. Entitled, Transition Relief and Guidance on Corrections of Certain Failures of a Nonqualified Deferred Compensation Plan to Comply with § 409A(a) in Operation, the Notice is a cautious, though important, first step. This client advisory explains the key features (and limits) of the Not

United StatesEmployment and HR
Mintz Levin Employee Benefits And Executive Compensation Group
Mintz Levin Employee Benefits And Executive Compensation Group
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In Notice 2007-100 (the "Notice"), the Internal Revenue Service and the U.S. Department of the Treasury announced a voluntary correction program for operational violations of Internal Revenue Code (the "Code") § 409A. Entitled, "Transition Relief and Guidance on Corrections of Certain Failures of a Nonqualified Deferred Compensation Plan to Comply with § 409A(a) in Operation," the Notice is a cautious, though important, first step. This client advisory explains the key features (and limits) of the Notice.

Background

Added to the Code by § 885 of the American Jobs Creation Act of 2004, Code § 409A broadly governs the taxation of all manner of non-qualified deferred compensation. Under Code § 409A(a), amounts deferred under plans of "non-qualified deferred compensation" for all tax years are taxed currently to the extent not subject to a substantial risk of forfeiture and not previously included

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