Transcription of 409A Rules on Deferred Compensation Severance …
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409A Rules on Deferred Compensation Severance …
409A: Rules on Deferred Compensation , Severance Pay By Wendi S. LazarMay 17, 2007 On April 10, 2007, the Internal Revenue Service (IRS) issued the final Rules on 409A (409A)1 after a comment period during which groups as diverse as the National Employment Lawyers Association and the American Bar Association, among others, lobbied aggressively on behalf of employers and executives as well as rank-and-file employees. While the final Rules show some improvements and clarifications over the proposed regulations,2 employees and their attorneys will be challenged to become expert quickly in tax issues that would be more reliably left to tax professionals. Moreover, while employers are required to comply with the final regulations, the rule still requires onerous tax penalties for employees if their employers' plans and agreements do not Surely, attorneys representing these clients in contract negotiations do not want to hear from their clients years later that the benefit of their bargain was reduced by at least a 20 percent tax penalty.
§409A: Rules on Deferred Compensation, Severance Pay By Wendi S. Lazar May 17, 2007 On April 10, 2007, the Internal Revenue Service (IRS) issued the final rules on §409A (409A)1 after a comment
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