IRS Issues Proposed Regulations Regarding Section 409A Violations and Defers Reporting Requirements

On December 5, 2008, the Department of Treasury released proposed regulations regarding the calculation of the amount of deferred compensation includible in income upon a violation of section 409A of the Internal Revenue Code (the Code), and the additional taxes resulting from the violation. On December 10, 2008, the Internal Revenue Service issued Notice 2008-115, which provides transition guidance with respect to 2008 reporting and withholding requirements.

For the full story, please view the PDF.