Section 409A of the Internal Revenue Code imposes detailed requirements on "nonqualified deferred compensation plans," which are broadly defined to include such things as separation pay and certain stock rights in addition to traditional deferral arrangements. Violating those rules causes immediate taxation plus a 20% penalty. Final ยง409A regulations were released on April 10, 2007, and are scheduled for publication in the Federal Register on April 17, 2007. The regulations are generally effective January 1, 2008. Prior to that date, taxpayers may generally continue to rely on the existing transition guidance....
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