News & Analysis as of

Safe Harbors Audits

Holland & Knight LLP

Tribal GWE Proposed Regulations Are an Overdue Win for Indian Country

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The U.S. Department of the Treasury and IRS on Sept. 17, 2024, issued Proposed Regulations on the Tribal General Welfare Exclusion Act of 2014 (the Act). The Proposed Regulations are an overdue win for Indian country,...more

Nilan Johnson Lewis PA

Modifying Pay Equity Audits to Address New Legal Requirements

Employers have been conducting pay equity audits for decades to identify disparities in compensation that may create unfairness, legal risk, or other compliance issues. Recently, however, we have seen a spate of new pay...more

Pillsbury Winthrop Shaw Pittman LLP

Technology Transfer Agreements: Latest Developments in California

Since their introduction in California in 1993, the sales and use taxation of technology transfer agreements has been the subject of significant litigation and a seemingly endless regulation project. In the past few...more

Proskauer - Employee Benefits & Executive...

SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors

As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments, (2) expansion of the Self-Correction...more

Foley & Lardner LLP

401(k) Compliance Check #6: Have You Recently Checked Your 401(k) Plan’s Definition of Compensation for Deferral and Match...

Foley & Lardner LLP on

In last month’s Compliance Check, we discussed how to handle a situation where the 401(k) plan administrator is unable to reach a plan participant, i.e., a “missing participant.” In this month’s Compliance Check, we focus on...more

Holland & Knight LLP

Offshore Lenders Targeted by IRS Audit Campaign

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Since 2017, the Internal Revenue Service (IRS) Large Business and International Division (LB&I) has shifted its audit efforts to issue-based examinations, premised on strategically identified and prioritized areas of...more

Bracewell LLP

SBA Revises Certification Rules: Safe Harbor for Loans Under $2 Million, Larger Loans Still Subject to Audit

Bracewell LLP on

The Small Business Administration has issued new guidance regarding the certification of necessity under the Paycheck Protection Program. Now, borrowers who received loans for less than $2 million -- roughly 98% of PPP loans...more

Fisher Phillips

Businesses That Obtained PPP Loans Under $2M Will Not Be Audited (UPDATED)

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One long week after the U.S. Treasury announced that it was extending the Paycheck Protection Program Loan “safe harbor” deadline to May 14, the U.S. Treasury announced this morning that borrowers whose loan amount (combined...more

UB Greensfelder LLP

The CARES Act Update – Safe Harbor Materially Revised

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UPDATED May 14, 2020 – On May 13, 2020, the U.S. Treasury Department announced an additional automatic extension of the Safe Harbor deadline from May 14, 2020 to May 18, 2020. May 13, 2020 – The rules and ground shifted...more

Rosenberg Martin Greenberg LLP

Considering Returning Funds from the Paycheck Protection Program? Here's What You Need to Know.

For those seeking to return funds from the Paycheck Protection Program (“the PPP”) pursuant to the safe harbor, the deadline is fast approaching: May 14, 2020.  While this issue continues to generate publicity, the fear being...more

Pillsbury Winthrop Shaw Pittman LLP

SBA Extends PPP Safe Harbor to May 14

On May 5, 2020, the Small Business Administration (SBA) and the Treasury Department extended by one week the “safe harbor” for CARES Act Paycheck Protection Program (PPP) applicants to return their loans in the event that the...more

Downs Rachlin Martin PLLC

SBA Extends Eligibility and Safe Harbor Guidance to Private Companies

Prompted by the public clamor surrounding the participation of large, publicly traded and deeply capitalized companies in the Paycheck Protection Program (“PPP”), on April 23, 2020, the Small Business Administration (“SBA”)...more

Nilan Johnson Lewis PA

Charting a Safe Course Into Equal Pay "Safe Harbors"

The rising tide of state pay equity legislation shows no sign of abating, with several new laws set to become effective in 2020 and 2021. Many of these laws differ from the federal Equal Pay Act by defining comparable work...more

Neal, Gerber & Eisenberg LLP

Employee Benefits Alert

Use of Forfeitures for Safe Harbor Contributions, QNECS and QMACS - The Internal Revenue Service (IRS) recently issued final regulations allowing forfeitures in 401(k) plans to be used to fund safe harbor contributions,...more

Sheppard Mullin Richter & Hampton LLP

Department of Labor Announces New Payroll Audit Pilot Program

On Tuesday, March 6, 2018, the U.S. Department of Labor (“DOL”) announced its launch of the Payroll Audit Independent Determination (PAID) Program (“PAID” or the “Program”) – aimed at increasing employers’ FLSA compliance and...more

Fisher Phillips

A Deeper Dive Into Oregon’s Landmark Pay Equity Law

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Six months ago, the Oregon legislature passed the most sweeping statewide equal pay law in the nation. It was a confusing move for some. After all, Oregon has had an equal pay law on the books since the early 1980s, while the...more

Dechert LLP

Newly Proposed Partnership Audit Rules Allow for Multiple-Tier “Push-Out” Election

Dechert LLP on

The U.S. Department of the Treasury (the “Treasury”) and the U.S. Internal Revenue Service (the “IRS”) have issued a new installment of proposed regulations under the centralized partnership audit regime included in the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Preparing for the New Massachusetts Equal Pay Law, Part I: Whether, When, and How to Conduct a Pay Equity Audit

The July 1, 2018, implementation date for the amendments to the Massachusetts Equal Pay Act (MEPA) is less than a year away. The amendments approved in 2016 will bring about substantial changes to the definition of...more

Troutman Pepper

Tax Developments in 2016: Federal Tax (Part I) - Sections 355, 382, and 385; and new rules on partnership audits dominate...

Troutman Pepper on

Section 385 Proposed Regulations — Impact on Related-Party Financing - Section 385 has been in the Internal Revenue Code since 1969. It was enacted to provide guidance for whether to classify an interest in a corporation...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - February 2016

The Complete And Total Worthlessness Of The 401(k) Fiduciary Warranty - I am a firm believer in the idea that what you see is what you should get. If you’re promised the moon, anything short of it is wrong. Some of the...more

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