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Previously, dates were disclosed within often ignored filings.
It’s not unusual for parties to a contract to want the written agreement to cover a period before it’s actually signed.
This is a fraud on the tax authorities, a criminal offence and is likely to get the lawyer who prepared the document disciplined by his regulator and possibly also charged as a co-conspirator.
For obvious reasons, any request to backdate a document for these reasons should be flatly turned down.
This would mean we can consider paying you for a period up to 3 months before the date we received your application form.
This process is not backdating, it is what the law says must happen when you apply.
Performance-based compensation, on the other hand, was deductible.
For those with an hour to kill thinking about the issues, Jeffrey Kwall and Stuart Duhl wrote an excellent article on backdating that was published in Business Lawyer in 2008.
For a shorter piece with a few practical tips see Backdating – it’s illegal isn’t it?
The Wall Street Journal (see discussion of article below) pointed out a CEO option grant dated October 1998.
The number of shares subject to option was 250,000 and the exercise price was (the trough in the stock price graph below.) Given a year-end price of , the intrinsic value of the options at the end of the year was (-) x 250,000 = ,750,000.