The Democratic staff of the Senate Finance Committee has issued a report that calls nonqualified deferred compensation plans an unfair "tax avoidance" strategy and recommends ways to close "abusive loophole(s)" in the law. 

The report also highlights other methods of "manipulating the timing of any taxes paid and minimizing the amount of tax that does get paid," and makes several suggestions it said will cut tax avoidance and will also make the tax code "fairer and simpler overall."

NQDC plans, however, are squarely in its sights. 

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.