The IRS recently released proposed Section 409A and Section 457 guidance.
Since the original 409A regulations were issued in 2007, the practicing community has anxiously awaited additional guidance; hoping it will make the requirements under 409A and 457 easier for employers and practitioners to administer. In general, 409A outlines the rules and regulations for all employers maintaining non-qualified deferred compensation plans, while 457 specifically relates to plans maintained by tax-exempt organizations and state and local governments. The new proposed regulations provide some clarifications but do not alleviate many of the difficulties associated with administering deferred compensation arrangements.
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