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IRS Issues Final Regulations on Non-U.S. Tax Withholding Under Deferred Compensation Plans, IRAs and Commercial Annuities

The Internal Revenue Service (“IRS”) and the Treasury Department on October 21, 2024, issued final regulations under Sections 3405(a) and 3405(b) of the Internal Revenue Code of 1986, as amended ...
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IRS Section 457(f) Plans: An Update Amid Regulatory Uncertainty

Section 457(f) of the U.S. Internal Revenue Code provides a framework for nonqualified deferred compensation arrangements commonly offered by tax-exempt and governmental employers. 457(f) plans ...
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Double Taxation, IRS Audits of Deferred Compensation Payments May Arise from IRS Instructions for 2023 Forms W-2,1040

Companies required to use “box 11” of Form W-2 in 2023 to report either payments of nonqualified deferred compensation (deferred compensation) or FICA taxation of unpaid deferred compensation may soon ...
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FICA Tax: Navigating the Nonqualified Deferred Compensation Special Timing Rule

Compensation is generally subject to federal income tax and FICA tax when compensation is actually paid to an employee. However, nonqualified deferred compensation (NQDC) may be subject to FICA ...
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Two Reasons to Consider Deferred Compensation in the Wake of the OBBB, From a Financial Planner

Fall's arrival means it's time for those with access to company-sponsored nonqualified deferred compensation to decide whether to participate. Deferred compensation is an employer-sponsored plan in ...