Andrew Blau, Greg Grogan, Jeannine McSweeney and Jamin Koslowe Author Law360 Article on Coronavirus-Related Deferred Compensation Tax Issues
05.06.20
This is only gets display when printing
Partners Andrew Blau, Greg Grogan and Jeannine McSweeney, and Senior Counsel Jamin Koslowe authored an article titled, “Facing Deferred Compensation Tax Issues Amid COVID-19,” which was published by Law360. The article analyzed some of the potential deferred compensation tax issues under Section 409A of the Internal Revenue Code confronting employers, employees and other service providers in light of the COVID-19 pandemic, including same year salary reductions or deferrals, delayed payments of deferred compensation, separation from service determinations and re-deferral elections. The article further highlighted that this is a particular focus now as some of the recent economic challenges and workforce changes caused by COVID-19 have raised potential compliance and planning issues from a Section 409A standpoint. It also noted that Section 409A broadly defines deferred compensation to potentially include many types of compensatory arrangements, and that care should be taken when modifying or implementing any of these types of arrangements to avoid inadvertently incurring accelerated taxation, penalty taxes and interest under Section 409A.
To read this article, please click here (subscription required).