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BenefitsLink Newsletter

New U.S. tax and labor law materials on the net pertaining to
employee benefits, for employers, participants and service-providers.
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7.65% FROM ME, 7.65% FROM YOU;
HEY, WHERE'D IT GO?

The IRS has released final regulations under section 3121(v)(2)
of the Internal Revenue Code that provide guidance as to when
amounts deferred under or paid from a nonqualified deferred
compensation plan are taken into account as wages for purposes
of the employment taxes imposed by the Federal Insurance
Contributions Act (FICA). Section 3121(v)(2), relating to
treatment of certain nonqualified deferred compensation, was
added to the Code by section 324 of the Social Security
Amendments of 1983.

The final regs are quite similar to the proposed regs, but
appear to reflect many helpful tweaks that had been suggested by
employers and practitioners in comments to the proposed version.

The final regs are online at

   http://www.benefitslink.com/taxregs/31.3121v2.shtml

To discuss the final regs or any other nonqualified deferred
compensation matters, you might wish to take advantage of the
free Nonqualified Deferred Compensation message board that is
co-sponsored by the WEB Network of Benefits Professionals,
BenefitsLink and the National Institute of Pension
Administrators. A link to a discussion of the final regs is:

   http://www.benefitslink.com/bbs/Forum6/HTML/000021.html

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