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Firms Ask IRS For Extension On Compensation Rules

Law360 (August 28, 2007, 12:00 AM EDT) -- A group of 92 law firms has sent a letter to the Internal Revenue Service, requesting an extra year for their clients to comply with new tax rules that affect a wide variety of executive deferred compensation plans at companies across the country.

The group sent the letter to acting IRS Commissioner Kevin Brown last week, asking the agency to extend the deadline for compliance with Section 409A of the internal revenue code by one full year. The current deadline is December 31.

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