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Regulatory Documents
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<nobr>Jan 12, 2010</nobr> IRS Releases Guidance on Correcting Failures under Section 409A
The Internal Revenue Service has released Notice 2010-6, providing guidance and relief on corrections of certain failures of a nonqualified deferred compensation plan to comply with the requirements of section 409A of the Internal Revenue Code. Specifically, Notice 2010-6 permits taxpayers to correct certain failures under section 409A to comply with plan document requirements or, in certain circumstances, to limit the amount includible in income and additional taxes under section 409A as a result of the plan document failure. The Notice also clarifies certain aspects of Notice 2008-113, which addresses failures of 409A plans in operation. |