Legal Alert: IRS Announces Section 409A Correction Program
04/16/2009
The Internal Revenue Service (the "IRS") recently issued Notice 2008-113 (the "Notice") detailing a correction program for inadvertent and unintentional Section 409A operational errors in administering nonqualified deferred compensation plans. The Notice modifies and incorporates a prior notice released by the IRS and is effective for taxable years beginning on or after January 1, 2009. This article highlights key aspects of the new correction program.