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J.K. Lasser's Your Income Tax 2008

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Penalty and Interest on Nonqualified Deferred Compensation

If deferred pay is currently taxable under the rules of Code Section 409A, you must also pay a 20% penalty and interest at a rate 1% higher than the regular underpayment rate.


Previous Daily Tax Tips:

• 11/7/2009 - Penalty and Interest on Nonqualified Deferred Compensation

• 11/6/2009 - Law Violation Not Deductible

• 11/5/2009 - Earned Commissions Credited to Your Account

• 11/4/2009 - Tax on Assigned Contingent Fee

• 11/3/2009 - Tips Must Be Reported

• 11/2/2009 - Severance Pay Taxable

• 11/1/2009 - Recipients Taxed on Certain Gifts and Bequests From Expatriates

• 10/31/2009 - Departure Permit

• 10/30/2009 - Is 2009 Your First Year of Residency?

• 10/29/2009 - IRD Not Included on Decedent Final Return

• 10/28/2009 - Promptly Closing the Estate

• 10/27/2009 - Kiddie Tax May Apply to Investment Income

• 10/26/2009 - Special Separate Household Rule for Parent

• 10/25/2009 - Advantages of Head of Household Status

• 10/24/2009 - Possible Estate Insolvency

• 10/23/2009 - Reporting Income of Deceased Spouse

• 10/22/2009 - Unpaid Tax on Correct Return

• 10/21/2009 - Actual Knowledge Bars Relief

• 10/20/2009 - Deadline for Innocent Spouse Election

• 10/19/2009 - IRS Must Notify Non-Electing Spouse

• 10/18/2009 - Knowledge May Bar Innocent Spouse Relief

• 10/17/2009 - Income Splitting Barred to California Registered Domestic Partner

• 10/16/2009 - Nonresident Alien Becomes Resident

• 10/15/2009 - Election To File a Joint Return

• 10/14/2009 - Spouse in Combat Zone

• 10/13/2009 - Switching From Separate to Joint Return

• 10/12/2009 - Charity Reports Transfer Within Three Years

• 10/11/2009 - Split-Dollar Insurance Arrangements

• 10/10/2009 - Donating Vacation Home Use Not Advisable

• 10/9/2009 - Recapture of Deductions for Certain Fractional Interests

• 10/8/2009 - Appraisal Required

• 10/7/2009 - Donations of Personal Creative Works

• 10/6/2009 - Recapture of Deduction for Property Sold Within Three Years

• 10/5/2009 - Tangible Personal Property

• 10/4/2009 - Appraisal Fees

• 10/3/2009 - Long-Term Holding Period

• 10/2/2009 - Foster Parent Expenses

• 10/1/2009 - Estimated Value of Benefits

• 9/30/2009 - Bingo and Lotteries

• 9/29/2009 - Foreign Charities

• 9/28/2009 - Contributions to Donor-Advised Funds

• 9/27/2009 - Donating Appreciated Securities

• 9/26/2009 - Direct Transfer From IRA to Charity

• 9/25/2009 - Reduction Scheduled for Elimination

• 9/24/2009 - Prepaying Deductible Expenses May Allow You To Itemize

• 9/23/2009 - Higher Standard Deduction for Dependents With Earned Income

• 9/22/2009 - Determine Dependency Status First

• 9/21/2009 - Total or Partial Blindness

• 9/20/2009 - Changing an Election

• 9/19/2009 - Additional Standard Deduction for Real Estate Taxes


The Daily Tax Tip content is provided by America's all-time best selling tax guide, J.K. Lasser's™ Your Income Tax Guide by John Wiley & Sons, Inc. Tax advice provided by The Daily Tax Tip shall not be construed as a substitute for the advice obtained or given by a certified tax professional.