Safe Harbors

News & Analysis as of

Murray v. Farmers Insurance Company

Murray v. Farmers Insurance Company Arizona Court of Appeals, Division Two, January 19, 2016 - Court of Appeals Addresses Insurance Agent Negligence Claim; Plaintiff May Claim Emotional Damages - For years, the...more

Best Practices for Sharing Threat Indicators with the Government

After a security incident is identified organizations often consider whether to share information concerning the incident with government agencies. If the incident involved criminal conduct, federal law enforcement agencies –...more

IRS Issues Proposed Regulations Regarding Applicability of Normal Retirement Age to Governmental Pension Plans

In a change that would impact government employers with retirement plans, the IRS has proposed a rule to address whether the normal retirement age under a governmental plan satisfies the requirements to preserve...more

Employee Benefits: IRS Issues Helpful Guidance Regarding Mid-Year Amendments To Safe Harbor Plans (2/16)

In Notice 2016-16, the Internal Revenue Service issued helpful guidance to employers that sponsor so-called safe harbor 401(k) and 403(b) plans. The guidance significantly expands the types of amendments that may be made to a...more

"Privacy Shield" is Proposed to Replace Invalidated U.S. - EU Safe Harbor Agreement and Keep Data from Europe Flowing

The Safe Harbor agreement between the European Union and the United States permitted American businesses to import personal data of EU citizens based on self-certification of compliance with EU data protection laws. Safe...more

Most Midyear Safe Harbor Plan Amendments Now Allowed

Many employers offering a retirement plan utilize a safe harbor 401(k) plan for the convenience and level of security afforded to the employer by its use. However, until recently, the IRS has not expressly permitted...more

EU-US Privacy Shield May Provide Guidance for Transatlantic Data Transfers

The decision of the Court of Justice of the European Union (CJEU) to invalidate Safe Harbor in October 2015 sent shockwaves throughout the international business community. Safe Harbor was a certification mechanism that...more

IRS Provides Welcome Guidance on Mid-Year Amendments to Safe Harbor 401(k) Plans

The IRS recently issued Notice 2016-16 (the “Notice”), which permits most mid-year amendments to safe harbor 401(k) plans.  This is welcome news to sponsors of safe harbor 401(k) plans who, prior to the issuance of the...more

Good News for Safe Harbor Plan Sponsors: The IRS Will Allow Mid-Year Changes

On January 29, 2016, the Internal Revenue Service issued guidance on mid-year changes to safe harbor plans under Internal Revenue Code Sections 401(k), and 401(m). Notice 2016-16 significantly expands the permissible mid-year...more

EU-US Privacy Shield: Still Awaiting Certainty

Privacy activists across Europe raised their data protection banner following the announcement by EU Commissioner for Justice, Consumers and Gender Equality Vera Jourová on Tuesday 2 February 2016 that a political agreement...more

From Safe Harbor to Privacy Shield: New EU-U.S. Agreement for Transatlantic Data Flows

The European Commission (EC) and the U.S. Department of Commerce have reached an agreement to create a framework for transfers of personal data from the European Union to the United States. The framework, named the EU-U.S....more

IRS releases guidance on mid-year amendments to Safe Harbor 401(k) Plans

A few years back, an Internal Revenue Service (IRS) official opined that the IRS would not look favorably on safe harbor 401(k) plan making any amendments mid-year except in some circumstances such changing a trustee,...more

The PSC Regime – Persons with Significant Control

Background This is the third in a series of client alerts published about the Small Business, Enterprise and Employment Act 2015 (SBEEA) - the impetus for a number of changes to the Companies Act 2006. ...more

IRS Updates Guidance on Certain Midyear Changes to Safe Harbor Plans

The Internal Revenue Service (IRS) recently issued Notice 2016-16 (the Notice) to provide updated guidance as to when midyear changes to a safe harbor 401(k) plan or 403(b) plan will not violate applicable regulations....more

European Commission Announces Agreement with the US on the Framework for Transatlantic Data Flows

On February 2, the members of the European Commission approved a new framework for transatlantic data flows: EU-US Privacy Shield. The European Commission and the United States agreed to a deal that reflects the requirements...more

How Employers Can Prepare for the Privacy Shield

As negotiators for the US Department of Commerce (“DOC”), Federal Trade Commission (“FTC”), and the European Commission move towards an agreement intended to allow continued US-EU data transfers, a closer look at the history...more

Safe! Mid-Year Changes to Safe Harbor Plans Permitted

The Internal Revenue Service recently issued long-awaited relief to sponsors of safe harbor 401(k) plans. For years, many employers have relied on various safe harbor plans designs to avoid generally applicable...more

MoFo New York Tax Insights - Volume 7, Issue 2

State Tax Department Releases New Draft Article 9-A Combined Reporting Regulations - The New York State Department of Taxation and Finance has released draft amendments to the Article 9-A corporate franchise tax...more

U.S.-EU Safe Harbor Agreement Reached: Introducing the EU-U.S. Privacy Shield

United States and European Union Commission negotiators announced today that they have reached a political agreement on a new data transfer framework that will replace the Safe Harbor Program, which was invalidated in 2015 by...more

EU and U.S. Reach Data Transfer Agreement: Perhaps a Shield, But No Silver Bullet

On February 2, 2016, the European Commission and the U.S. Department of Commerce reached an accord on a new transatlantic data transfer protocol. Nicknamed the EU-U.S. Privacy Shield, the framework would replace the...more

EU and US agree to new safe harbor data transfer pact

The U.S. Department of Commerce and the European Commission announced on Tuesday that they have entered into a new transatlantic safe harbor transfer agreement, which comes two days after the deadline set by EU data...more

U.S. and EU Authorities Announce New Privacy Shield for Data Transfers

Companies should still ensure that they are lawfully transferring data through an alternative mechanism until the details of the Privacy Shield are released. The U.S. Department of Commerce and the European Commission...more

EU and US Reach Agreement in Principle on Successor to ‘Safe Harbor’ for Trans-Atlantic Data Transfers

The European Commission announced an agreement in principle on a new framework for data transfers to replace the “Safe Harbor” arrangement that had governed data flows between the United States and Europe for the past 15...more

Temporary Regulations Address Allocation of Creditable Foreign Tax Expense

The IRS published temporary and proposed regulations on allocations of creditable foreign tax expenditures (CFTEs).  The regulations make various technical changes to the existing regulatory safe harbor for allocating CFTEs. ...more

Negotiators Announce “EU-U.S. Privacy Shield,” Replacing Safe Harbor for EU Data Transfers to the U.S.

U.S. and EU officials have agreed on a Safe Harbor replacement just as a deadline from EU data protection authorities passed. However, the exact details of the new EU-U.S. Privacy Shield have not been released and...more

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