IRC Section 409A
The Treasury Department and the Internal Revenue Service (IRS) issued final 409A regulations which substantially contribute changes in the way non-qualified deferred compensation (NQDC) are treated for income tax purposes. Follow-up rule is the IRS Notice 2007-78 which extended the document compliance until January 1, 2008. Identifying the timing of distribution and deferrals are only some of the critical and very technical methods that need to be addressed firsthand. All key service providers are expected to submit, non-compliance will face a great risk of violating US tax laws. The Knowledge Congress is bringing together a panel of experts who will share their expert opinions in a two-hour webinar. Discussions will include the best approaches in complying with the said Rules. A live interaction with the audience in a question and answer format is also included. The event will take place on October 24th, 2008, 12:00nn to 2:00pm (ET). The event will take place on October 24th, 2008 @ 12:00nn to 2:00pm (ET). Click the button below to register in this event.
SEGMENT 1: Helen H. Morrison, Deputy Benefits Tax Counsel, Office of Benefits Tax Counsel, U.S. Department of the Treasury - Conclusion of 409A “good faith” compliance period December 31, 2008 - Requirements to bring plans into compliance - Reporting and withholding guidance - Future 409A guidance SEGMENT 2: Chris Cykowski, Esq. and Robert W. Kaufman, Esq., Vice President, Technical Resource Group & Legal and Managing Senior Advisor, Technical Resource Group, Clark Consulting Bringing Voluntary Deferral Programs into Compliance with IRC 409A – An Overview of Prevalent Plan Design Features and Operational Practices Implemented by Plan Sponsors. – “Class year” vs. “plan level” payment elections for certain distribution triggers – Alternative methods for applying the 6-month delay for payments triggered by separation from service – Deferral elections for incentive compensation – use of the “performance based” compensation deferral election timing rule – Installment payments – treatment as a “single” payment vs. a series of “separate” payments – The “toggle” rule – use of alternate payment schedules tied to a participant’s separation from service SEGMENT 3: Aliya Wong, Director for Pension Policy, U.S. Chamber of Commerce - 409A and Performance-based Compensation under 162(m) » PLR 200804004 and Rev Proc 2008-13 have changed the rules going forward. » Discussion of how employers will need to restructure 409A plans in the wake of this guidance and what the transitions rules mean in the short term. - Proposed legislation that could broaden 409A » Annual limits on deferred compensation » Linking non-qualified deferred compensation benefits to the solvency of qualified plans - The Correction Program » Short compliance window » Employer paid taxes treated as income to service provider » Withholding and other taxes not addressed - Relationship between backdated option guidance and 409A SEGMENT 4: Scott L. Beauchene, Director, Valuation Services , Grant Thornton LLP - 409A stock option valuations: does current valuation practice match the regulations? - Has the IRS honed their reviews of 409A valuation work? - Is there any new guidance for practitioners? - What pitfalls should I attempt to avoid in my 409A valuation work? - What is the relationship between my 409A valuation work and other provisions about compensation in 409A?
Who Should Attend:
- Private companies
- Public companies
- Compliance officers
- Legal officers
- Tax advisors
- Tax preparers
- Payroll & Benefits Administrator
- Business consultants
Helen H. Morrison is the Acting Deputy Benefits Tax Counsel in the Office of Benefits Tax Counsel for the Department of the Treasury. Prior to joining the Treasury Department, Ms. Morrison was a Partner and the Employee Benefit Practice Leader in the Chicago office of Deloitte LLP, and prior to that a Partner in Employee Benefits Practice of McDermott, Will & Emery.
Ms. Morrison’s practice focuses on executive compensation, qualified retirement plans, employee stock ownership plans (ESOPs) and business succession planning. She is a frequent speaker and author on these topics.
Ms. Morrison received her bachelor’s degree in 1979 from Trinity College, Hartford, CT. In 1985, she received her juris doctor degree, cum laude, from Illinois Institute of Technology/Chicago-Kent College of Law. She was admitted to the Illinois bar in 1985, and served as a law clerk to the Honorable Hector M. Laffitte of the U.S. District Court in San Juan, Puerto Rico, from 1985 to 1987.
Helen H. Morrison is the Acting Deputy Benefits Tax Counsel in the Office of Benefits Tax Counsel for the Department …
Chris is Vice President for Clark Consulting’s Technical Resource Group & Legal. He has significant experience regarding legal and tax matters that impact the implementation and ongoing administration of executive benefit programs and employer-owned life insurance (BOLI/COLI). He has assisted in the design and documentation of numerous executive benefit plans and rabbi trusts. Chris also serves as a key liaison between Clark Consulting and certain outside sources to monitor emerging legislative and regulatory developments, industry issues and trends related to executive benefits and BOLI/COLI.
Chris received his J.D. from the University of Texas School of Law, and received his B.S., magna cum laude, from the University of Houston. He is a member of the State Bar of Texas.
Chris is Vice President for Clark Consulting’s Technical Resource Group & Legal. He has significant experience regarding legal and tax …
Rob is Managing Senior Advisor in Clark Consulting’s Technical Resource Group. He has significant experience regarding the legal and tax matters that impact the implementation and ongoing administration of nonqualified deferred compensation plans (NQDC) and employer-owned life insurance (BOLI/COLI). Rob has assisted in the design and documentation of numerous NQDC plans. He also provides technical consulting assistance to Clark Consulting’s clients, consultants and associates, with an emphasis on legislative developments that impact the executive benefits arena.
Rob received his J.D., magna cum laude, from the Duke University School of Law, and received his A.B., cum laude, from Duke University. He is a member of the State Bar of Texas, the American Bar Association and the Dallas Bar Association.
Rob is Managing Senior Advisor in Clark Consulting’s Technical Resource Group. He has significant experience regarding the legal and tax …
Aliya Wong is the Director of Pension Policy at the United States Chamber of Commerce. Her primary responsibility is to develop, promote and publicize the Chamber’s policy on employer-provided retirement plans, nonqualified deferred compensation, and Social Security. Ms. Wong regularly meets with members of Congress, the Administration, and regulatory agencies to promote the Chamber’s retirement policy and represents the Chamber on the steering committee of several national coalitions. Most recently, Ms. Wong has led the Chamber’s efforts on comprehensive pension reform resulting in the passage of the Pension Protection Act of 2006.
Prior to joining the Chamber of Commerce, Ms. Wong was a practicing attorney specializing in ERISA and tax qualification matters related to pension, health and welfare plans, and executive compensation. Ms. Wong is the author of an internet article entitled, “Defined Benefit Plans in an Era of Phased Retirement,” through the Society of Actuaries. Ms. Wong is also the co-author of an amicus curiae brief filed with the United States Supreme Court in the matter of Egelhoff v. Egelhoff, 121 S. Ct. 1322 (2001) which was ruled upon favorably. Ms. Wong regularly gives presentations on legislative issues surrounding retirement policy for organizations including the American Bar Association, the International Foundation of Employee Benefits Plans and the North American Transportation Employee Relations Association.
Ms. Wong is admitted to the New York State Bar and the District of Columbia Bar. She is also a member of the American Bar Association and the National Bar Association. Ms. Wong is a 1997 graduate of New York University School of Law where she also received a Master of Laws in Taxation. Ms. Wong received a Bachelors of Arts in Economics and African Studies from Yale University.
Aliya Wong is the Director of Pension Policy at the United States Chamber of Commerce. Her primary responsibility is to …
Scott is a Director in Grant Thornton LLP’s Valuation Services Group. Mr. Beauchene specializes in the valuation of public and privately-held equity, businesses and intangible assets for purposes of financial reporting and income taxes.
Scott is a Director in Grant Thornton LLP’s Valuation Services Group. Mr. Beauchene specializes in the valuation of public and …
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