Treasury extends transition relief for nonqualified deferred compensation, as AICPA requested.

In Notice 2006-79, the Treasury and Internal Revenue Service extended the deadline for many aspects of complying with section 409A Nonqualified Deferred Compensation Plans from Jan. 1, 2007, until Jan. 1, 2008. Certain discounted stock options subject to back-dating are not affected by the notice. The AICPA urged Congressional tax writers to postpone the effective date of Code section 409A and asked lawmakers to consider narrowing the measure's scope or repealing it entirely.