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IRS Chief Counsel Memorandum Clarifies that Correction of Section 409A Failures in Year of Vesting Will Not Shield Income Inclusion Under 409A

from The National Law Review

The Office of Chief Counsel of the Internal Revenue Service released a memorandum clarifying the impact of a correction of a Code Section 409A operational failure before the date of vesting of nonqualified deferred compensation but during the year of vesting. In the memorandum, the IRS clarified that such a correction, under such circumstances, would not avoid income inclusion under Code Section 409A. more


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