Deferred Compensation Changes
The IRS regulations regarding deferred compensation will become effective January 1, 2008. Those affected will have until the end of the year to put in writing or change the amount and timing of deferred compensation before the strict rules under IRS Section 409A become effective. After January 1, 2008 deferred compensation that doesn't comply with the rules under 409A for amount and timing will be taxed to the employee, along with interest and a 20% penalty; even if the amount and timing comply with 409A strict rules regarding changes will become effective on this date.
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