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Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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Updated Nonqualified Deferred Compensation Plan Audit Guide
In June the Internal Revenue Service released an updated Nonqualified Deferred Compensation Audit Technique Guide. This updated Guide replaces the initial Guide published in 2015. While it is too early to say whether the release of the updated guidance signals … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, nonqualified deferred compensation, Section 409A
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Short-Term Deferral Day is Right Around the Corner
Section 409A, the provision of the Internal Revenue Code that regulates the time and form of payment of nonqualified deferred compensation, contains a helpful exception for “short-term deferrals.” Specifically, Section 409A provides that a payment will not be considered nonqualified … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, deferral exception, March 15, Section 409A, short-term deferral
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Reminder that Nonqualified Deferred Compensation Deferral Elections for 2018 Must be Made on or Before December 31, 2017
As we approach the end of 2017, we want to remind employers and employees to take action before year end if they desire to defer compensation that will be earned during 2018. As a general rule, Section 409A of the … Continue reading
Posted in Employee Benefits
| Tagged 409A, deferral election, nonqualified deferred compensation, Section 409A
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IRS Audit Techniques Guide Provides Helpful Reminders for Sponsors of NQDC Arrangements
Last summer the Internal Revenue Service updated its Audit Techniques Guide (“ATG”) for nonqualified deferred compensation arrangements. While the ATG provides little instruction on how the IRS will review nonqualified deferred compensation arrangements for compliance with Section 409A of the … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, ATG, Audit Techniques Guides, deferred compensation, FICA, FUTA, Internal revenue service, IRS, nonqualified deferred compensation, Section 409A
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Chief Counsel Memorandum Clarifies IRS Position on Informal 409A Corrections
On May 1, the IRS released a Chief Counsel Memorandum that clarifies the IRS’ position with respect to the correction of deferred compensation arrangements outside of the IRS’ formal Section 409A correction programs. In the Memorandum the IRS analyzed a … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, 409A failures, correction, deferred compensation, deferred compensation arrangements, Section 409A
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