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ANALYSIS: IRS Section 409A Audits: Questions, Issues Raised via Information Document Requests

February 17, 2010 in Daily Tax Report · Leave a Comment 

Trucker Huss attorney Mary E. Powell discusses some of the questions being asked by IRS in information document requests sent to employers in the course of Section 409A audits, the issues raised by the questions, and courses of action for companies to take in preparing for receipt of a document request from IRS. “If a nonqualified deferred compensation plan fails to comply with code Section 409A (either in form or in operational compliance), the deferred compensation is includable in the employee’s income at the time the deferred compensation ceases to be subject to a substantial risk of forfeiture and is subject to a 20 percent federal tax penalty,” she writes. “In addition, employers can…

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