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IRS Clarifies that Correction of Section 409A Failures in Year of Vesting Will Not Shield Income Inclusion
Proskauer's ERISA Practice CenterLink to more items from this source
[Guidance Overview]
May 13, 2015

"Under the 2008 proposed income inclusion rules, Section 409A income inclusion does not appear to be required for the year that nonqualified deferred compensation ceases to be subject to a substantial risk of forfeiture (or any later years) to the extent that the applicable plan is amended to comply with Section 409A prior to the taxable year in which the compensation vests. By not providing any indications to the contrary with regards to such a 'prior year' correction, it appears the IRS has tacitly blessed the correction of unvested amounts in years prior to the year of vesting." [Chief Counsel advice memorandum 201518013 was released May 1, 2015.]

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