A group of 92 large law firms wrote the IRS on Tuesday, requesting a one-year extension on compliance with �409A, which was intended to eliminate abuses associated with executive deferred compensation plans. The firms said the deadline did not give their clients enough time to adequately review their compensation agreements, especially in light of recently adopted corporate governance structures, and was imposing an "undue strain" on companies and their advisers.
August 23, 2007 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
A group of 92 large law firms has written to the Internal Revenue Service requesting a one-year extension on compliance with �409A of the Internal Revenue Code.
Created by the 2004 Jobs Creation Act, �409A was intended to eliminate abuses associated with executive deferred compensation plans. The final rules were issued in April and provided for a Dec. 31, 2007, deadline for compliance, with participants in noncompliant plans to be assessed a 20 percent penalty.
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