The Internal Revenue Service has issued Notice 2005-1, guidance relative to section 409A of the Internal Revenue Code (IRC) as added by the American Jobs Creation Act (AJCA) of 2004, Pub. L. No. 108-357, 118 Stat. 1418. New section 409A provides that all amounts deferred under a nonqualified deferred compensation plan for all taxable years are currently includible in gross income to the extent not subject to a substantial risk of forfeiture and not previously included in gross income, unless certain requirements are met.
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