FTB conforms to IRC Sec. 409A.

• Position: FTBNEWS

The IRS released Notice 2010-6 Jan. 19, 2010, which allows taxpayers to correct certain operational failures of nonqualified deferred compensation plans in order to comply with IRC Sec. 409A.

Because California Revenue and Taxation Code sees. 17501 and 24601 conformed to IRC Sec. 409A, the FTB follows IRS Notice 2010-6. Service recipients or service providers that rely on IRS Notice 2010-6 for federal income tax relief must follow the Notice's information and reporting requirements. To follow the information and reporting requirements, service recipients and providers must attach statements to their respective federal income tax returns.

For California income tax purposes...