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(Headlines)The Dallas technology outsourcer acknowledged May 10, after a preliminary internal probe, that it had issued executive stock options that carried "effective dates" preceding the written approval of the grants.
ACS said it plans a charge of as much as million to rectify its accounting related to the grants. Edwards signed separation agreements with ACS that will allow them to remain with the company during a transition period ending June 30, 2007.
The IRS's interest in the tax implications of backdated options is not new.
We are currently working with a number of clients that have already received Information Document Requests ("IDR") from the IRS requesting information relating to the backdating issue.
at-the-money options, with an exercise price equal to the market price on the grant date, were the most popular form of share-based compensation.
Companies are taking a fresh look at the alternatives available to compensate employees and minimize the effect on financial statements.
The Santa Monica, Calif., videogame company said on July 28 that the SEC has asked the company for documents related to its stock-option grants as part of an informal inquiry.
The company also said its board has appointed a special subcommittee of independent directors to conduct an internal review of the companys historical stock-option grant practices. 25 the company said it appears likely that actual measurement dates for certain historical stock-option grants will be found to differ from the recorded grant dates for such awards.
Designated as a Tier I Issue, IRS field agents are now required to audit all transactions involving backdated stock option grants and/or backdated exercise prices.
The Directive also expands the categories of options that trigger special attention to include any options that might be discounted, mis-priced, mis-dated, or in-the-money.