Articles of Interest

Newsletters

• January 2008 Alert
  This alert highlights the final version of the Internal Revenue Service's Form 8925 for reporting Corporate-Owned Life Insurance/Bank-Owned Life Insurance (COLI/BOLI) contracts.

• September 2007 Alert
  This alert highlights The Internal Revenue Service's recently issued Notice 2007-78, providing additional guidance on the application of Section 409A of the Code to deferred compensation plans. While the deadline for bringing documents into compliance with the final section 409A regulations has been extended one-year until December 31, 2008, all plans must be operationally compliant with the final regulations by January 1, 2008.

• June 2007
  This issue of NYLEX News expands on the discussion of the final regulations issued on deferred compensation under Internal Revenue Code section 409A, first introduced in our April 2007 newsletter. The June 2007 newsletter reviews the key issues addressed by the final regulations and focuses on how affected companies should implement appropriate plan changes by December 31, 2007.

• April 2007
  This issue of NYLEX News discusses the final regulations issued on deferred compensation under Internal Revenue Code section 409A. The newsletter reviews the key issues addressed by the final regulations and focuses on how affected companies may implement appropriate plan changes before December 31, 2007.

• February 2007
  This issue of NYLEX News discusses proposed restrictions on deferred compensation included in the Senate's small business tax relief bill. The House passed version of this bill includes no such restrictions and the bills now go to conference to be reconciled. Many businesses and organizations have vigorously protested these proposed restrictions and many newspapers have published editorials characterizing these proposals as unnecessary and misguided. Readers are encouraged to express their concerns to their Members of Congress.

• August 2006
  This issue of NYLEX News highlights the “COLI Best Practices” provisions of the Pension Protection Act of 2006. Careful planning is required to make sure that death benefits from your company-owned life insurance policies (COLI) continue to be exempt from federal income tax under these new rules.

• April 2006
  This issue of NYLEX News discusses frequently implemented executive benefit programs; approaches used to enhance the security of executive benefits, including trust and non-trust approaches; effective approaches in designing a comprehensive executive retirement program; and an update on section 409A and further guidance we can expect.

• November 2005
  This issue of NYLEX News analyzes the recently issued proposed regulations on deferred compensation under Internal Revenue Code section 409A. The newsletter reviews the key issues addressed by the proposed regulations and focuses on next steps for affected companies.

• October 2005
  This issue of NYLEX News discusses the recently issued proposed regulations on deferred compensation under Internal Revenue Code section 409A. This Code section covers plans and arrangements that provide nonqualified deferred compensation to employees, directors and other service providers.

• October 2005 Transition Relief
  This issue of NYLEX News discusses the extension of transition relief just announced by Treasury and the IRS. Notice 2006-79 extends through 2007 most of the Section 409A transition relief previously announced for 2006. Taxpayers are given until December 31, 2007 to amend plans to conform to final regulations.

• June 2005
  This issue of NYLEX News discusses the recently released Internal Revenue Service Audit Technique Guides. These publications include instructions to IRS Agents for the examination of nonqualified deferred compensation plans, executive fringe benefits and split-dollar arrangements. The guides are intended to give agents basic information about these topics and practical advice on how to conduct an examination. The guides also provide valuable insight to companies, executives and their advisors as to issues the IRS may address.

• January 2005
  This issue of NYLEX News discusses Notice 2005-1, recently issued by Treasury and the Internal Revenue Service. Notice 2005-1 provides guidance under Section 409A of the Internal Revenue Code, enacted by the American Jobs Creation Act of 2004 in October 2004. This legislation affects the design and operation of nonqualified deferred compensation arrangements, including supplemental executive retirement plans (SERPs) and stock-based compensation plans.