There are two SAFE HARBOR provisions under the SBA Paycheck Protection Program that borrowers should consider before completing and submitting the application to their lenders seeking PPP loan forgiveness. But it should be easy enough to execute after you get a plan set up. A safe harbor is a provision in a law that affords protection from liability or penalty when certain conditions are met. Safe harbor 401(k) plans that do not provide any additional contributions in a year are exempted from the top-heavy rules of section 416 of … The guidance is contained in Notice 2020-86. October 1, 2020: Safe Harbor 401(k) Plan is effective and exempt from nondiscrimination testing for 2019. Reg. According to the court, the revenue procedure allows the safe harbor only for the tax year a theft is discovered, which occurred before the taxpayers' years at issue. 37202; July 21, 1994): Proposed clarifications to the original safe harbor provisions published on 07-29-1991. In order to take advantage of the Safe Harbor Provisions, your company must be able to show that as a matter of “routine business practice” you are doing the following: 1. The Safe Harbour provision was supposed to provide financial advisers with more certainty in meeting their legal obligation to act in the best interests of their clients. General Information About Safe Harbor; The Texas Board of Nursing (BON or Board) has safe harbor nursing peer review forms available to make the process faster and easier for a nurse who believes he/she is being asked to accept an unsafe assignment, engage in conduct beyond his/her scope of practice, or engage in unprofessional or illegal conduct. Get Help Understanding Safe Harbor Laws. Wage Reduction Safe Harbor. The Tax Court held that taxpayers who were victims of an embezzlement scheme could not use the safe-harbor provision of Rev. With safe harbor laws in place, the maximum safe harbor deduction is $1,500. Safe Harbor Forms - Nursing Peer Review. 2009-20 to deduct their theft losses because the taxpayers failed to comply with its requirements. Section 103 eliminates certain safe harbor notice requirements for plans that provide for safe harbor nonelective contributions, and it adds new provisions for the retroactive adoption of safe harbor status for those plans. New FAQ 46 from the SBA provides a “safe harbor” for borrowers of less than $2 million under the Paycheck Protection Program provisions of the CARES Act. Under the safe harbor, for borrowers of amounts below the $2 million threshold, the SBA will deem their certifications regarding the “necessity” of the loans to have been made in good faith. The safe harbor 401(k) plan is not subject to the complex annual nondiscrimination tests that apply to traditional 401(k) plans. But in the aftermath of the Hayne Royal Commission, the Safe Harbour provision’s days may be numbered. 1993 09-21-1993 Protecting Your Business Under the Do Not Call Rules there are provisions called Safe Harbor Provisions to assist a business in protecting itself from lawsuits brought to enforce the Do Not Call Rules and Registry. If you need legal help with safe harbor provisions, post your question on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. They must receive a plan description within 90 days of becoming covered by the plan. The IRS issued guidance on Dec. 9 that addresses certain provisions of the SECURE Act that increase the automatic enrollment cap percentage and affect safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. Proposed Rule: Safe Harbor Anti-Kickback Provisions (59 Fed. 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