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The Internal Revenue Service (IRS) recently issued a notice that excludes the CFO from the group of executive officers who are considered covered employees under Section 162(m) of the Internal Revenue Code. Under 162(m), a public company may not deduct more than $1 million of executive pay for each covered employee each year, unless the compensation is performance-based. Besides specifically eliminating the CFO, the IRS also reduced, to three from four, the number of individuals in addition to the company’s CEO who are considered covered employees.

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