The New IRS Form 990: What Does It Mean For Your ... - Venable LLP

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"OLD" FORM 990 "NEW" FORM 990 Whose Compensation Is Reported Who Must Report What Must Be Reported Who Must Report What Must Be Reported Supplemental compensation information 13 N/A N/A Any organization if: (1) an officer, director, trustee, key employee, or highest paid nonkey employee listed on core form has over $150,000 reportable or $250,000 total compensation; (2) any former officer, director, trustee or key employee is listed on core form; or (3) any person listed on core form has compensation from a source other than organization or related organization (1) Name; (2) five-part breakout of compensation; 14 (3) deferred compensation that was also reported on a Form 990 for a prior year 15 13 Schedule J of the new Form 990. 14 The breakout consists of (1) base compensation included in reportable compensation, (2) bonus and incentive compensation included in reportable compensation, (3) other amounts included in reportable compensation, (4) nonqualified deferred compensation not included in reportable compensation, and (5) nontaxable welfare and fringe benefits. 15 Schedule J also asks questions relating to certain fringe benefits (such as first-class travel, tax gross-ups, housing, and personal services), supplemental nonqualified retirement plans, equity-based compensation, compensation based on revenues or net earnings, non-fixed payments and certain initial contracts.] © 2008 Venable LLP 4 This chart is published by the Employee Benefits and Executive Compensation Practice Group of the law firm Venable LLP. It is not intended to provide legal advice or opinion. Such advice may only be given when related to specific fact situations that Venable has accepted an engagement as counsel to address.
Employee Benefits and Executive Compensation Alert Section 409A Final Regulations Delayed to 2009 Interim Guidance for Nonqualified Deferred Compensation Plans Extended Through 2008 OCTOBER 26, 2007 Earlier this week the IRS issued Notice 2007-86, delaying until January 1, 2009 the effective date of the final regulations under Internal Revenue Code Section 409A, which apply to deferred compensation plans and arrangements of all types. As a result, employers and their employees have until the end of next year to review and restructure their deferred compensation plans, employment agreements, severance policies, and equity programs in order to make sure they comply with the final regulations, both in terms of how they are operated and in terms of the written documents that govern these arrangements. As discussed further below, the IRS also extended the application of transition guidance through December 31, 2008. Finally, the IRS followed up the next day by issuing Notice 2007-89, providing guidance on how employers can meet their wage withholding and information reporting requirements for 2007 with respect to Section 409A-related compensation. This extension is good news for employers, employees, and their advisors, given that the final regulations' original January 1, 2008 effective date was fast approaching. Last month the IRS postponed the deadline for documentary compliance with the final regulations until the end of 2008. While providing some relief, that still meant that major design decisions and establishment of compliance procedures were required by the end of this year. Consequently, the guidance issued this week, providing an additional year for such decisions and procedures, means everyone can breathe a bit easier. In connection with the extension, the following key transition rules apply: ‣ Before 2009, nonqualified deferred compensation plans must be operated in compliance with the statutory provisions of Section 409A and applicable interim guidance that has been issued by the IRS. To the extent an issue is not addressed in interim guidance, a "reasonable, good faith interpretation" of Section 409A applies. ‣ New elections about how, and when, amounts subject to Section 409A will be paid out can generally be made through December 31, 2008. However, after December 31, 2007, amounts otherwise payable in 2008 cannot be deferred beyond 2008, and amounts otherwise payable after 2008 cannot be accelerated into 2008. ‣ Payout elections under a nonqualified plan, such as an excess benefit plan, that are linked to qualified plan elections in accordance with pre-existing plan terms are still permissible through December 31, 2008. ‣ Discounted stock options (other than backdated options) and stock appreciation rights (SARs) that are still outstanding can be replaced with non-discounted options and SARs, which are exempt from Section 409A, up to December 31, 2008. VALUE ADDED, VALUES DRIVEN. SM
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Page 45 and 46: 1 The New IRS Form 990: What Does I
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19 MORE QUESTIONS REGARDING POLICIE
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21 DISCLOSURE ‣ Make its Form 102
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23 REMAINING SECTIONS OF CORE FORM
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25 FORM 990 REPORTING: EXECUTIVE CO
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27 EXECUTIVE COMPENSATION - FORM 99
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29 COMPENSATION REPORTING - PURPOSE
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31 2008 FORM - GENERAL STRUCTURE FO
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35 THRESHOLDS FOR SCHEDULE J REPORT
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37 ADDITIONAL SCHEDULE J QUESTIONS
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39 PREPARING FOR IMPLEMENTATION ‣
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41 OVERVIEW OF THE SCHEDULES ‣ 16
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47 Schedule D ‣ Supplemental Fina
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55 Schedule I ‣ Grants and Other
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61 Schedule N ‣ Liquidation, Term
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63 Schedule R ‣ Related Organizat
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Form 990 (2008) Part III Statement
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The New IRS Form 990: What Does It Mean For Your ... - Venable LLP

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