Safe Harbors

News & Analysis as of

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

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

Deadline Extended for Requesting Direct Access to Military Loan Act Database

The Department of Defense has extended the deadline for requesting direct access to its Military Loan Act (MLA) Defense Manpower Data Center (DMDC) database until February 15, 2016. Under amendments to the MLA's implementing...more

Article 29 WP response to “Privacy Shield”

The Article 29 Working Party (WP 29) published their initial response to the new Privacy Shield yesterday. Here’s the good news: Here’s another interesting development: Next Steps The Commission now has to deliver on the...more

US and EU “Privacy Shield” Framework for Cross-Border Data Transfers Submitted to Article 29 Working Party Today

On the same day that groundhog Punxsutawney Phil predicted an early Spring, the EU College of Commissioners brought some sunshine of its own, announcing yesterday that it has reached an agreement with the U.S. on transfers of...more

New EU-US Privacy Shield

On February 2, two days after the deadline set by Europe for agreement on a new Safe Harbor governing US access to the personal data of European citizens, US and EU negotiators announced that they had agreed upon a framework...more

Safe Harbor Part Deux: The Privacy Shield

This week began like many. An arbitrary deadline came and went – this one, January 31, 2016, was set by the Article 29 Working Party for European and United States regulators to address the void created by the invalidation of...more

EU Privacy Regulators: Newly Announced "Privacy Shield" Not A Safe Harbor Yet

In response to the February 2, 2016, announcement by the European Commission (the "Commission") and the U.S. Commerce Department of a new framework, called the "Privacy Shield," to replace the invalidated U.S.-European Union...more

Litigation Alert: From a Safe Harbor to a Privacy Shield

The October 6, 2015, decision of the Court of Justice of the European Union in the Schrems v. Facebook case left significant uncertainty surrounding the legality and practicality of U.S. technology companies’ ability to...more

Safe Harbor 2.0: How the EU-U.S. "Privacy Shield" Could Impact Your Global Operations

The U.S. and European Union (EU) reached an agreement regarding international data transfers, shortly after the deadline set by both parties. The parties had been in negotiations since the Court of Justice of the European...more

California Proposition 65 Regulations Overhaul

The California Office of Environmental Health Hazard Assessment (OEHHA) proposes to repeal existing regulations and replace them with newer regulations to further the “right-to-know” purpose of the Proposition 65 statute and...more

February 2016 IRS Issues Notice on Midyear Changes to Safe Harbor Plans and Safe Harbor Notices

On January 29, 2016, the Internal Revenue Service (IRS) released Notice 2016 - 16 , which provides, effective immediately, significant relief with respect to the ability of a plan sponsor to make midyear changes to a safe...more

IRS Provides Flexibility for Mid-Year Amendment of Safe Harbor 401(k)/403(b) Plans

On January 29, 2016, the IRS issued Notice 2016-16, which provides much-needed guidance and flexibility for mid-year amendments to safe harbor plans. The notice provides that a mid-year amendment either to a safe harbor...more

U.S. and European Officials Fail to Reach Agreement for New Data Transfer Deal

American and European officials failed to meet the January 31st deadline for a new agreement on the transfer of data between the United States and Europe, disappointing hopes that the two sides would broker a deal to replace...more

EU-U.S. Reach Deal on Safe Harbor 2.0 - Pact Creates New Data Transfer Framework

After months of uncertainty triggered by the now infamous Schrems decision by the European Court of Justice (ECJ), the EU Commission and the U.S. Department of Commerce have reached an agreement with respect to the transfer...more

Sanity Prevails? The Framework for the New EU – U.S. Privacy Shield

On February 2, 2016, the European Commission announced a last-minute “political agreement” with the United States concerning a new privacy framework for transatlantic data transfers. The accord, called the “EU-U.S. Privacy...more

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