Treasury Announces Extension of Transition Relief for Nonqualified Deferred Compensation
OCT. 4, 2006
Treasury Announces Extension of Transition Relief for Nonqualified Deferred Compensation
DOCUMENT ATTRIBUTES
- Institutional AuthorsTreasury Department
- Cross-ReferenceFor Notice 2006-79, see Doc 2006-20713
[PDF]. - Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2006-20716
- Tax Analysts Electronic Citation2006 TNT 193-24
Treasury Issues Notice to Extend Existing Transition Relief for Nonqualified Deferred Compensation
U.S. Treasury Department
Office of Public Affairs
October 4, 2006
The Treasury Department and IRS issued Notice 2006-79 today, which provides an extension of existing transition relief for nonqualified deferred compensation arrangements that will be subject to the requirements of the regulations under section 409A. Final regulations under section 409A are expected to be published later this year. Under the Notice, good-faith operational compliance with the statutory requirements of Section 409A continues to be required.
The extension of transition relief generally applies to all affected arrangements under section 409A, except certain discounted stock options subject to backdating concerns, as specified in the Notice.
The Notice extends the deadline for many aspects of complying with section 409A from January 1, 2007 to January 1, 2008. Full compliance with the operational and documentary requirements of the Section 409A is delayed until January 1, 2008, at which time an adequate opportunity will have been provided for taxpayers to digest and comply with the final regulations.
DOCUMENT ATTRIBUTES
- Institutional AuthorsTreasury Department
- Cross-ReferenceFor Notice 2006-79, see Doc 2006-20713 [PDF].
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2006-20716
- Tax Analysts Electronic Citation2006 TNT 193-24
