Code Section 409a
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Section 409a of the united states internal revenue code regulates nonqualified deferred compensation paid by a service recipient to a service provider by generally imposing a 20 excise tax when certain design or operational rules contained in the section are violated.
Code section 409a. Service recipients are generally employers but those who hire independent contractors are also service recipients. 409a section 409a of the internal revenue code is a complex and often counterintuitive set of tax rules applicable to deferred compensation. Complying with section 409a is critically important because noncompliance will result in an executive being subject to income tax in the year nqdc becomes vested regardless of when the nqdc is scheduled to be paid.
21 2005 the secretary of the treasury shall issue guidance under which a nonqualified deferred compensation plan which is in violation of the requirements of section 409a b of such code shall be treated as not having violated such requirements if such plan comes into conformance with such requirements during such limited period as the secretary may specify in such guidance. 409a affects nonqualified retirement plans and other deferred compensation arrangements. An internal revenue code section 409a primer by tony ling and galen mason1 the american jobs creation act of 2004 was signed into law on october 22 2004.
1 clarify that the rules under section 409a apply to nonqualified deferred compensation plans separately and in addition to the rules under section 457a. Section 409a prohibited rules that would give participants the advantage of accelerating income while still receiving tax deferred treatment. Inclusion in gross income of deferred compensation under nonqualified deferred compensation plans on westlaw findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system.
Not later than 90 days after the date of the enactment of this act dec. It created a new section 409a of the internal revenue code 409a and the code respectively. Internal revenue code 409a.
Internal revenue code section 409a regulates nonqualified deferred compensation nqdc plans and arrangements which are commonly used to provide supplemental compensation to key executives. Not later than 60 days after the date of the enactment of this act the secretary of the treasury shall issue guidance providing a limited period during which a nonqualified deferred compensation plan adopted before january 1 2005 may without violating the requirements of paragraphs 2 3 and 4 of section 409a a of the internal revenue code of 1986 as added by this section be amended.
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