On October 3, 2008, Section 457A was added to the Internal Revenue Code (the “Code”) pursuant to the enactment of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. In January 2009, the US Department of the Treasury provided interim guidance through its issuance of Notice 2009-8 (the “Notice”), as summarized below.
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Section 457A eliminates the ability of US taxpayers to defer compensation in offshore tax havens
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