Recent News

• IRS Provides Relief and Guidance on Correction of Section 409A Violations
  
  On January 5, 2010, the IRS issued Notice 2010-6 providing relief and guidance on corrections of certain Section 409A violations.
• IRS Issues Guidance on the Application of Section 409A and TARP
  
  On December 11, 2009, the IRS issued Notice 2009-92 addressing the application of Section 409A to changes required to comply with an advisory opinion of the office of the special master for TARP executive compensation.
• Treasury Releases Interim Guidance under Section 457A
  
  On January 8, 2009, the IRS released Notice 2009-08, Interim Guidance under Section 457A.
• IRS Releases Guidance on 409A Reporting and Withholding
  
  On December 11, 2008, the IRS released Notice 2008-115 providing guidance on reporting and withholding under Section 409A.
• IRS Publishes Proposed Regulations on Calculation of Income Includible under Section 409A
  
  On December 8, 2008, the IRS published proposed regulations Section 1.409-A-4 on the calculation of income and taxes under Section 409A.
• IRS Issues Guidance on Correcting Certain 409A Operational Failures
  
  On December 5, 2008, the IRS issued Notice 2008-113. Notice 2008-113 contains guidance on correcting certain failures to operationally comply with Section 409A.
• Bailout Bill Contains Executive Compensation Provisions
  
  On October 3, 2008, President Bush signed The Emergency Economic Stabilization Act into law. The EESA contains several provisions relating to executive compensation, including a new Section 457A of the Code.
• IRS Addresses When an Interim CEO Qualifies as an Outside Director for Section 162(m) Purposes.
  
  On June 17, 2008, the IRS issued Rev. Rul. 2008-32 which provides guidance on whether a member of a corporation's board of directors qualifies as an "outside director" under Section 162(m)(4)(C)(i) after serving as an interim chief executive officer.
• IRS Addresses Effect of Compensation Payable on Termination of Employment on Section 162(m)
  
  On February 22, 2008, the IRS released Revenue Ruling 2003-13 providing that compensation paid on termination, regardless of performance, does not qualified as performance-based under Section 162(m).
• IRS Issues Guidance for Making Corrections to Nonqualified Deferred Compensation Plans
  
  On December 3, 2007, the IRS issued Notice 2007-100 which provides guidance on how to correct certain problems with nonqualified deferred compensation plans so as to bring the plan into compliance with Section 409A.