Several provisions of the American Jobs Creation Act of 2004 have required tax advisors to be very proactive with their clients to consult with them about the impact of the statutory changes, as well as subsequent regulatory developments.Among the more significant areas requiring immediate attention have been the new domestic manufacturing deduction, the brief window for repatriation of dividends, the tax shelter reporting and disclosure rules, and the new requirements with respect to nonqualified deferred compensation.
Code Sec. 409A requires current income inclusion of, and imposes interest and penalties on, deferred compensation that does not meet the new, more stringent deferral, acceleration of benefits, and distribution requirements. The new requirements apply broadly to tens of thousands of nonqualified deferred compensation plans.
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