6/22/2004: House Approves International Tax Bill with Changes to Nonqualified Deferred Comp Rules (Deloitte)

Excerpt: The House bill would amend the Internal Revenue Code to add a new section 409A to provide specific rules for taxing compensation deferred under nonqualified deferred compensation plans. In general, participants would be required to include such compensation in gross income when deferred (or when no longer subject to a substantial risk of forfeiture, if later) unless the plan at all times satisfied specific requirements.