What could be better than getting your 2010 bonus in January?  Getting it in, December - tax obligations aside.  And that's precisely what Goldman Sachs is considering, CBNC reports.  That move, if Goldman were to make it, would be one way to combat the uncertainty hanging over income tax rates in 2011 and beyond, by allowing employees to take advantage of the current tax rates.  Yet, critics of the firm could point to an early payout as a way to enrich Goldman employees by gaming the system.

Goldman, in the past, has moved up payouts  - but that became more difficult when Goldman switched its fiscal year end date from 11/30 to 12/31.  Now, in order to pay employees early, the firm would have to base award compensation on estimated year-end returns. 

With election day just a few days away and broad uncertainty about whether members of Congress will vote to extend the current tax rates before the end of the year, some workers on Wall Street are concerned about big tax hikes.  If Congress fails to act and the Bush-era tax cuts expire at year end, top earners—many of whom work in financial services - will be subject to a 39.6% tax, rather than the current level of 35%. 

It's also uncertain whether other houses - like Deutsche Bank and Morgan Stanley will follow Goldman's lead. 

C-I Note:  It's nice having to ponder such issues, where the only real question is not whether you'll receive a handsome bonus, but whether you'll be able to take full advantage of the tax arbitrage.  [CNBC, 10/29]