IRS Issues Final Regulations Regarding Certain Employee Remuneration in Excess of $1 Million Under Section 162(m) of the Code | Akin Gump Strauss Hauer & Feld LLP
Expanded definition of “covered employee”; predecessor entities. The definition of a “covered employee” was expanded and now includes: Any individual who serves as the principal executive officer (PEO) or the principal financial officer (PFO) of the publicly held corporation serving at any time during the corporation’s tax year, including individuals acting in either such capacity. The three highest compensated executive officers of the publicly held corporation (other than the PEO or PFO or an individual acting in such capacity), regardless of whether the executive officer is servi...
Source: jdsupra.com