The deadline for compliance with final Section 409A regulations, scheduled for Dec. 31, 2007, should be extended for a year, according to 92 of the largest law firms in the nation.The new regulations, finalized in April, require deferred-compensation plans to be amended to comply with the Internal Revenue Code.
Regina Olshan, a partner at Skadden Arps LLP in New York, signed a letter requesting the delay to then-acting IRS Commissioner Kevin Brown on behalf of the 92 law firms. She said that the very fact that all the firms agreed to the letter illustrated the necessity for the delay. "On what other issue would you get these 92 law firms to agree?" she asked.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access