According to Carol Weiser, Treasury deputy benefits tax counsel, the IRS’s guidance on tax-exempt deferred compensation, which has been in the works for 9 years, is “weeks, not months” away.
Stephen Tackney, deputy associate chief counsel, stated, “We’re kind of at the end of the assembly line, [but] they can always be plucked off the assembly line.” According to Tackney, most of the guidance should be taxpayer friendly, although a few issues could generate comments.
Once the guidance is out, there will be a comment period before the regulations are finalized.
Sherman & Patterson will continue to post updates on 457(f) guidance publication here. Once guidance is issued, we will also conduct webinars elaborating on any changes.