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FTB Follows IRS Notice 2007-100

Due to California's conformity with IRC Section 409A, FTB is following Internal Revenue Service (IRS) Notice 2007-100, which allows taxpayers to correct certain operational failures of nonqualified deferred compensation plans in order to comply with IRC Section 409A. Although the IRS notice provides instructions for the submission of statements to the IRS; for California purposes, FTB requires taxpayers retain the statements instead of submitting them with their California tax returns. For more information, please see the article to be published soon in the May 2008 edition of Tax News.