Treas. Reg. § 1.409A-1(b)(9)(iii) (relating to payment upon involuntary separation of service of up to two times the lesser of an employee’s annual rate of compensation or the Code § 401(a)(17) limit on includible compensation for qualified plans); and/or
Treas. Reg. 1.409A-1(d), any Cash Severance Benefit payment will be subject to the distribution requirements of Section 409A(a)(2)(A) of the Code, including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code that such payment be delayed until 6 months after your separation from service if you are a “specified employee” within the meaning of the aforesaid section of the Code at the time of such separation from service.
Treas. Reg. § 301.7122-1(c)(2)(i). 27 IRM 22.214.171.124 (Oct. 2, 2012). Nearly 300,000 taxpayer accounts that should have qualified for currently not collectible status … (69 percent) are being resolved by the taxpayer making payments, not because of abatements by the IRS or offsets of the taxpayers’ refunds, indicating that the taxpayers are paying their accounts despite having total positive income less than Allowable Living Expenses, suggesting the taxpayers are prioritizing paying the IRS over meeting their necessary living expenses. consider necessary to function in today’s society . For example, the IRS considers childcare to be an “other expense” rather than a necessary expense, even where both parents are employed full time, thus leaving it to the determination of the individual IRS employee as to whether the expense will be considered necessary .28 It would be counter-productive for this expense to be disallowed where both parents are working and would be better able to pay their tax liability with two incomes .29 TAS research suggests that the IRS is placing taxpayers into IAs where their total positive income (TPI) is less than their ALEs . Taxpayers may agree to an IA they can’t afford out of fear of the IRS, a misunderstanding of the options available, or out of obligation to repay their debts at any costs . Nearly 300,000 taxpayer accounts that should have qualified for currently not collectible (CNC) status had entered into installment agreements in calendar year 2014 despite their income being below the IRS ALEs .30 These taxpayer accounts (69 percent) are being resolved by the taxpayer making payments, not because of abatements by the IRS or offsets of the taxpayers’ refunds, indicating that the taxpayers are paying their accounts despite having TPI less than ALEs, suggesting the taxpayers are prioritizing paying the IRS over meeting their necessary living expenses .31 By the IRS’s definition, taxpayers who cannot meet their necessary living expenses are experiencing economic hardship .32 These taxpayers would therefore qualify for a mandatory release of an IRS levy, yet the IRS accepts IAs from these taxpayers despite the payments causing economic hardship .33 Additionally, TAS research found higher default rates for taxpayers with TPI less than ALEs . Taxpayers with TPI less than ALEs and balances due of $1,001 to $10,000 who entered into IAs in FY 2014 defaulted at a rate of nearly 25 percent by FY 2016, compared to an overall default rate in this ...
Treas. Reg. Section 1.1502-6 (or any similar provision of state, local, or foreign law), as a transferee or successor, by contract, or otherwise.
Treas. Reg. Section 1.704-1(b)(2)(ii)(h).
Treas. Reg. §§ 1.409A-0, -1, -2, -3, -6 (2007). formatted in the Treasury’s press release run 397 pages24 and still have sections reserved for future guidance.25 The final regulations were to be applicable to taxable years beginning on or after January 1, 2008.26 A major requirement of the regulations was that all nonqualified deferred compensation plans needed to be in written compliance on or before December 31, 2007.27 Faced with the task of reviewing and amending existing nonqualified deferred compensation plans, not to mention identifying other arrangements that are not thought of as nonqualified deferred compensation, for example, covenants not to compete,28 that are now within § 409A’s parameters, practitioners across the country loudly and in great numbers requested relief.29 On November 13, 2007, the Service responded to practitioners’ complaints and issued I.R.S. Notice 2007-8630 extending the effective date of the final regulations until January 1, 2009.31 The reprieve was welcomed.32 Despite the delay of the application of the final regulations, nonqualified deferred compensation plans still needed to be operated in compliance with § 409A for deferrals made for taxable years beginning on or after January 1, 2005.33 For deferrals made prior to January 1, 2005, I.R.C. § 409A is only applicable if the nonqualified deferred compensation plan is materially modified after October 3, 2004.34 24 In the Code of Federal Regulations, the final regulations, formatted as single-spaced and in double columns, run 86 pages. Id. 25 Id. § 1.409A-0 (listing § 1.409A-4 and § 1.409A-5 as reserved). 26 Id. § 1.409A-6(b).
Treas. Reg. § 1.703-1(b) this Section and (ii) the date such items are actually received or paid in cash, then the allocations under this Section 5.2 shall be appropriately adjusted as of the later of the dates described in (i) and (ii) to cause the overall allocation to be consistent with the actual economic benefits of such revenue or burdens of such expenditures.