The term 'initial deferral elections' includes all decisions, whether made by the employee or employer, as to the time or form of payment under the plan.

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This article is part of a series onTaxation in theUnited States of AmericaSection 409A of the Internal Revenue Code regulates nonqualified deferred compensation paid by a 'service recipient' to a 'service provider' by generally imposing a 20% excise tax when certain design or operational rules contained in the section are violated.. The term 'plan' includes any agreement, method, program, or other arrangement, including an agreement, method, program, or other arrangement that applies to one person or individual.. The effects of Section 409A are far-reaching, because of the exceptionally broad definition of 'deferral of compensation. Epica Feint Mp3

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There are various exceptions, excluding from the Section 409A rules compensation that would otherwise fall within this definition, including: qualified plans like the pension and 401(k) plans, and welfare benefits including vacation leave, sick leave, disability pay, or death benefit plan.. Service providers include executives, general employees, some independent contractors and board members, as well as entities that provide services (an LLC, for example, could be a service provider).. 5 months of the year in which the deferred compensation is no longer subject to a substantial risk of forfeiture), certain stock option and stock appreciation rights and certain separation pay plans. powershell convert datatable to html free download for mac os x

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[2]Qualified and non-qualified deferred compensation[edit]Section 409A makes a distinction between deferred compensation plans and deferral of compensation.. Section 409A specifies that unless any deferred compensation falls into a specified set of 'qualified deferred compensation' categories, the IRS will automatically consider it unqualified deferred compensation.. Under regulations issued by the IRS, Section 409A applies whenever there is a 'deferral of compensation,' which occurs whenever an employee has a legally binding right during a taxable year to compensation that is or may be payable in a later taxable year.. Penalties[edit]Section 409A assigns compliance-failure penalties to the recipient of deferred compensation (the 'service provider') and not to the company offering the compensation (the 'service recipient').. [1]Basic summary[edit]Section 409A generally provides that 'non-qualified deferred compensation' must comply with various rules regarding the timing of deferrals and distributions.. Key employees are generally the top 50 employees with pay above $150,000 [5]The rules restricting the timing of elections as to the time or form of payment under a nonqualified deferred compensation plan fall into two categories:[6]initial deferral electionssubsequent deferral electionsAs a general rule, initial deferral elections must be made no later than the close of the employee's taxable year immediately preceding the service year.. History[edit]Section 409A was added to the Internal Revenue Code, effective January 1, 2005, under Section 885 of the American Jobs Creation Act of 2004.. ' Section 409A was enacted, in part, in response to the practice of Enron executives accelerating the payments under their deferred compensation plans in order to access the money before the company went bankrupt, and also in part in response to a history of perceived tax-timing abuse due to limited enforcement of the constructive receipt tax doctrine.. Service recipients are generally employers, but those who hire independent contractors are also service recipients.. Once the initial deferral election is made, a change to the time or form of payment under the plan can only be made under the rules governing subsequent deferral elections. 773a7aa168 Introducing Brad Mehldau Rapidshare Downloads

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!EXCLUSIVE! Alpa Administrative Manual Section 409a