In 2004, the Congress has enacted a new tax law provision governing nonqualified deferred compensation plans. The Internal Revenue Service has already finalized the regulations in 2007 implementing the new rules.EBSCO_bspPayroll Manager's Letter...
The article provides tips on how to set compensation arrangement in the company to defer taxes such as by assessing the company's risk. Topics include the court case involving a taxpayer and the U.S. Federal Insurance Contributions Act (FICA) tax, the reliance of employees on the promise of...
Online at nyc.gov/deferredcomp Please Note: This booklet does not constitute the offering of investment, nancial, tax or legal advice or other expert advice. The material contained in this booklet is for informational purposes only. You may wish to consult an investment advisor, legal counsel ...
IRS Proposes Rules On NQ Deferred Comp Violations The article focuses on the proposed rules of the U.S. Internal Revenue Service on nonqualified (NQ) deferred compensation violations. Taxpayers can use these proposed rules to calculate what they owe when NQ deferred compensation violate... A Bell...
NQDC plans have the potential for tax-deferred growth, but they also come with substantial risks, including the risk of complete loss of the assets in your NQDC plan. We strongly recommend that executives review their NQDC opportunity with their tax and financial advisors. Deferred comp and ...
Although NQDC plans can be informal, you still need to follow tax rules. Here are some of your responsibilities. Get the plan in writing. Make sure you detail your plan (when the compensation is deferred, when the employee will receive the payment, how much the payment will be, etc.)....
makes major changes to the tax rules applicable to all forms of deferred compensation arrangements. Much to the surprise of many, these new rules affect both stock options and severance programs. Our experts will describe these new deferred comp rules with a special emphasis on the impact on exe...
I did too, and now you may be thinking, “there must be a way to be a highly compensated employee AND have an IRA tax deduction.” Not only is it possible, but you can also shield even more money from your taxable income. I just “stumbled” into a savings plan that allows this,...
Internal Revenue Service (IRS) informing employers to update deferred compensation plan documents in compliance with new tax rules effective on January 1, 2008. The new rules have stated that deferred compensation plan must allow distributions not earlier than participant separates from service, not ...
The American Jobs Creation Act of 2004, signed into law Oct. 22, includes sweeping changes in the tax rules governing nonqualified deferred compensation. Employers will need to consider and react to the new...