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ARTICLE · 21 DECEMBER 2010

IRS Notice 2010-80 Expands Section 409A Correction Program for Nonqualified Deferred Compensation Plans

Venable LLP
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In Notice 2010-80, the IRS has modified and expanded its program in Notice 2010-6 which permits correction, under certain circumstances, of documents providing nonqualified deferred compensation that fail to comply with Section 409A of the Internal Revenue Code of 1986, as amended ("Code").

United StatesEmployment and HR
John Wilhelm
John Wilhelm

In Notice 2010-80, the IRS has modified and expanded its program in Notice 2010-6 which permits correction, under certain circumstances, of documents providing nonqualified deferred compensation that fail to comply with Section 409A of the Internal Revenue Code of 1986, as amended ("Code").

Failure to comply with Section 409A results in taxation of non-qualified deferred compensation at the time of vesting, instead of later at the time of payment, and imposition of an additional 20 percent tax and interest. The IRS has provided special incentives for making corrections under Notice 2010-6 on or before December 31, 2010, including waiving for certain corrections a requirement to pay a portion of the additional tax. (See the November 2010 alert, Year End Deadline for Penalty-Free Section 409A Corrections.)

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