The IRS released Notice 2005-94 suspending employer reporting and wage withholding requirements for deferred compensation under IRC Section 409A for calendar year 2005. The Notice does not affect FICA or other employer withholding and reporting obligations. Future IRS guidance may require employers to furnish corrected information returns and payee statements reporting any previously unreported amounts taxable under Section 409A. The IRS anticipates issuing guidance on the employer’s reporting and withholding requirements in the first half of 2006. Such future guidance will provide a period during which an employee may report and pay any taxes due under Section 409A without incurring penalties. Interest, however, will continue to accrue. For further information on Section 409A, please contact David J. Paik. THIS MATERIAL IS NOT TAX ADVICE, MAY NOT BE USED FOR THE PURPOSE OF AVOIDING ANY TAX PENALTIES, IS NOT CONFIDENTIAL, AND MAY NOT BE USED OR REFERRED TO IN PROMOTING, MARKETING OR RECOMMENDING A PARTNERSHIP OR OTHER ENTITY, INVESTMENT PLAN OR ARRANGEMENT TO ANY PERSON.