On Wednesday, the IRS issues Notice 2006-79 which generally extends the deadline by which agreements, contracts, plans and other documents containing nonqualified deferred compensation arrangements must be amended for compliance with Code 409A requirements until December 31, 2007 (rather than the current deadline of December 31, 2006).  Yesterday in Washington, D.C., I spoke with Daniel Hogans, and he indicated that the IRS still expects to issue final Code 409A regulations by the end of this year, and that, currently, they expect to shortly issue guidance so that reporting of deferred compensation required by Code 409A can be accomplished for 2006.  For example, with discounted stock options which would be subject to Code 409A, Mr. Hogans believes that valuation for reporting purposes will be the "spread" on the option, although this is not yet certain. A copy of Notice 2006-79 is attached.   For more information, please contact me at bwynn@mmmlaw.com or 404.504.7694 or any other member of the firm's Benefits & Compensation group.   Thank you.   Bruce   Bruce H. Wynn Morris, Manning & Martin, LLP