In case you missed it, proposed IRS Regulation 409A, dealing with deferred compensation, is making everyone in the startup community run around like chickens with their heads cut off. It’s a broad regulation, but in a nutshell, for private companies it redefines the way companies determine fair market value in granting stock options.

Wow. This was something I missed by ignoring the usual "how to start a company" talks in 2005. Great resource here for something that makes the super-small budget startup... much more expensive for the company and/or the option-receiving employees.