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December 12, 2005 at 07:00 PM
The Internal Revenue Service is giving employers and “service providers” more time to comply fully with a new tax law that deals with taxation of “nonqualified deferred compensation.”[@@]
The new law, Section 409A of the Internal Revenue Code, affects employees, freelancers and others who certain kinds of deferred compensation through plans that do not qualify as retirement plans under the Employee Retirement Income Security Ac.
In many cases, unless there is a substantial risk that the employees or other service providers might lose the compensation, the new law requires affected service providers to start including the compensation in current taxable income.
