"New section 409A of the Internal Revenue Code has the snappy title 'Inclusion in gross income of deferred compensation under nonqualified deferred compensation plans.' The statute lists four types of 'plan failures', any of which will trigger taxation, penalties, and late payment interest. Two additional requirements apply if trusts are involved. 'Deferred compensation plan' does not just mean a SERP or an elective deferral program. The term may include bonuses, severance[.]"  MORE >>