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Effective Date Harmonization Sought in Proposed Deferred Comp Regs

JUL. 7, 2016

Effective Date Harmonization Sought in Proposed Deferred Comp Regs

DATED JUL. 7, 2016
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Docket: IRS-2016-0024

 

Deferred Compensation Plans of State and Local Governments and

 

Tax-Exempt Entities (REG-147196-07)

 

 

Comment On: IRS-2016-0024-0001

 

Deferred Compensation Plans of State and Local Governments and

 

Tax-Exempt Entities

 

 

Document: IRS-2016-0024-0002

 

Deferred Compensation Plans of State and Local Governments and

 

Tax-Exempt Entities (REG-147196-07)

 

Submitter Information

 

 

Name: David Joffe

Address:

 

1600 Division

 

Nashville, TN, 37203

 

Email: djoffe@bradley.com

Phone: 6152522368

Fax: 6152526368

Organization: Bradley

Government Agency Type: Federal

Government Agency: IRS

 

General Comment

 

 

The proposed regulations under Code Section 409A and 457(f) have different language regarding the special effective date for recurring part-year compensation. The Code Section 409A regulations specifically provide for reliance on Notice 2008-62 or the proposed regulations "for the taxable year in which these proposed regulations are published as final regulations and all prior taxable years." However, the Code Section 457(f) regulations do not include this proviso. I would respectfully request that the IRS reconcile the two provisions.

The proposed regulations under Code Section 457(f) provide as follows:

 

Second, for all plans, with respect to the rules regarding recurring part-year compensation for periods before the applicability date of these regulations, taxpayers may rely on either the rules set forth in these proposed regulations or the rules set forth in Notice 200862.

 

The proposed regulations under Code Section 409A provide as follows:

 

The rules set forth in these proposed regulations regarding recurring part-year compensation are proposed to be applicable on and after the date on which these proposed regulations are published as final regulations in the Federal Register. However, taxpayers may rely on either the rules in these proposed regulations or the rules in Notice 200862 relating to recurring part-year compensation for the taxable year in which these proposed regulations are published as final regulations and all prior taxable years.
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