If the plan violates the rules, the executive's benefit is immediately subject to income taxation, an interest penalty and a 20% excise penalty.

FORBES: Executive Benefit Tarpits

Not only would the women be awarded back pay, but because of precedent set in a 2010 National Labor Relations Board case, that back pay would be subject to a daily compound interest penalty, according to the Labor Relations Counsel.

FORBES: Plastic Workers Raise Grievances Against Reynolds

If you get caught, you will be responsible for paying the tax plus interest and penalty.

FORBES: Ask the taxgirl: Reporting Income Under $600