Last month, the Internal Revenue Service finalized the tax code defining deferred compensation arrangements offered by tax-exempt organizations and prescribed tax penalties for plans found in violation.Organizations have until Dec. 31, 2007 to either comply with the new tax code section 409A or circumvent its reach to avoid significant tax penalties. “You’ve got seven months to make any changes that either take you out of 409A or make you compliant, and you are very limited in what you can do,” said Serena Simons, a partner and executive benefits lawyer at Washington, D.C.-based law firm Venable LLP. The new law influences the execution of some severance pay arrangements,… Read More