Georgia Adoption of Nonemployee Directors Deferred Compensation Plan with Copy of Plan
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How to fill out Adoption Of Nonemployee Directors Deferred Compensation Plan With Copy Of Plan?
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FAQ
A nonqualified deferred compensation arrangement subject to Section 409A is defined as any plan, including any agreement or arrangement, ?that provides for the deferral of compensation other than a qualified employer plan and any bona fide vacation leave, sick leave, compensatory time, disability pay, or death benefit ...
The journal entry is simple. Debit Deferred Compensation Liability for $100,000 (this will zero out the account balance), and credit Cash for $100,000. Taxes on the payment will be paid at this point (by both the corporation and the employee).
Deferred compensation plans are an incentive that employers use to hold onto key employees. Deferred compensation can be structured as either qualified or non-qualified under federal regulations. Some deferred compensation is made available only to top executives.
One of the options available to you when you set up your deferred compensation plan is to name beneficiaries. Naming beneficiaries on your plan is essentially the same process as naming beneficiaries in a 401(k) plan or other retirement plan.
In terms of accounting, deferred compensation is typically recognized as an expense by the company in the period in which the employee performs the service, and it is accrued as a liability on the balance sheet until it is paid out.