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 ...
Background: Why was Section 409A of the Internal Revenue Code enacted? Prior to the enactment of Section 409A, no single section of the Internal Revenue Code governed taxation of nonqualified deferred ...
South Carolina offers a deferred compensation program that allows public-sector employees to set aside a portion of their income to be paid out at a later date, typically during retirement.