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Research Center : Development

Mar 01,2009 | Baker & McKenzie

Update on Code Section 457A: New Guidance, But Uncertainties Remain

The IRS, on January 9, 2009, issued Notice 2009-8 (the "Notice"), its initial guidance interpreting Section 457A, which was enacted on October 3, 2008 as part of the Emergency Economic Stabilization Act of 2008 and which generally became effective January 1, 2009.[1] We have prepared the attached detailed analysis of the Notice to assist multinational employers in understanding Code Section 457A, given not only the potentially broad impact, but also the limited transition period (until July 1, 2009, in some cases, and December 31, 2011, in other cases) to make certain conforming amendments.

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