Michael J. Hussey (Widener) has published I.R.C. § 409A and the Small Business, 37 Cap. U. L. Rev. 889 (2009). Here is the Conclusion:

The enactment of I.R.C. § 409A has changed dramatically the landscape of nonqualified deferred compensation for publicly-traded corporations but has also had an impact on closely-held businesses. Practitioners need to be aware that the broad reach of § 409A creates § 409A issues for small businesses where none previously existed. Although it can be a trap for the unwary, with careful planning, nonqualified deferred compensation can be a useful tool for small business planning.