IRS explains how to legally fix deferred comp plans — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

IRS explains how to legally fix deferred comp plans

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It’s fairly easy to make mistakes with complex deferred compensation plans that dish out compensation to employees at a future date. Those mistakes can trigger costly penalties.

Good news: The IRS last month published new guidance to help employers comply with the rules, covered under Section 409A of the tax code. It gives employers limited opportunity to fix those errors without penalties.

Find the guidance at www.irs.gov/irb/2010-01_IRB/ar11.html

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