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Expert Analysis

NY Nonqualified Deferred Comp Rules Ripe For Challenge

By Leah Robinson, Amy Nogid and Zal Kumar (September 14, 2018, 2:34 PM EDT) -- Sept. 17 is the deadline for filing 2017 federal partnership returns that are on extension, as many are, and so the time for filing is now upon us. Asset managers may be reporting significant amounts of deferred compensation on those returns as a result of the grandfather horizon date (as defined below) with respect to Section 457A of the Internal Revenue Code, along with other items that will require careful thought. Because Section 457A relates to the code, asset managers may not be thinking about the New York state and New York City tax consequences of such income inclusion required at the federal level — but that would be a mistake....

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