Legal Alert: IRS Announces Section 409A Correction Program
April 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.
©2024 Snell & Wilmer L.L.P. All rights reserved. The purpose of this publication is to provide readers with information on current topics of general interest and nothing herein shall be construed to create, offer, or memorialize the existence of an attorney-client relationship. The content should not be considered legal advice or opinion, because it may not apply to the specific facts of a particular matter. As guidance in areas is constantly changing and evolving, you should consider checking for updated guidance, or consult with legal counsel, before making any decisions.