TITLE

Relief provided to safe harbor plans when business hardships occur

AUTHOR(S)
Palmieri, Frank
PUB. DATE
September 2009
SOURCE
Employee Benefit News;Sep2009, Vol. 23 Issue 11, p70
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article discusses the U.S. Internal Revenue Service's proposed rule which provides relief to safe harbor plans. The program will allow employers to suspend contributions when business hardships occur. To be eligible for the program, companies must meet business hardship conditions such as operating at an economic loss, substantial underemployment in the employer's industry, and declining sales profit. The author notes that companies will still be required to make contributions even if the mentioned conditions are met.
ACCESSION #
44308694

 

Related Articles

  • EMPLOYEE OR CONTRACTOR? Zetlin, Minda // Inc.;Sep2008, Vol. 30 Issue 9, p27 

    The author reflects on independent contractors. He mentions that when a company classifies a worker as a contractor rather than as an employee, it avoids paying unemployment, Social Security, and Medicare taxes. He points out that because of a safe harbor provision in the tax code, the U.S....

  • Final IRS regs offer abundant safe harbor opportunities, complexities. GAETANO, CHRIS // Trusted Professional;Nov2013, Vol. 16 Issue 11, p1 

    The article focuses on the regulations released by the U.S. Internal Revenue Service (IRS) on September 13, 2013 which will allow a taxpayer to rely on the safe harbor rule and deduct property and presents the views of certified public accountant Anthony F. Dannible on the aspects of regulations.

  • Tax Credit Transactions Corner. Berk, Harold R. // Journal of Passthrough Entities;Sep/Oct2014, Vol. 17 Issue 5, p41 

    The article discusses the two safe harbor revenue procedures released by the U.S. Internal Revenue Service (IRS) as of September 2014. Topics include a description of the Revenue Procedures 2007-65 and 2014-12, an overview of Section 4.05 of the Revenue Procedure 2007-65, and the HRTC safe...

  • ASPPA Supports Forfeitures to Fund Safe Harbor Contributions. Moore, Rebecca // Plan Sponsor News;2013, p151 

    The article reports on the comment letter sent by the American Society of Pension Professionals & Actuaries (ASPPA) to the U.S. Internal Revenue Service (IRS) in July 2013 concerning the use of forfeitures to fund actual deferral percentage (ADP) test safe harbor contributions.

  • IRS Amends Safe Harbor Explanations for Rollovers. Moore, Rebecca // Plan Sponsor News;2014, p71 

    The article discusses amendments on explanation about safe harbor by the Internal Revenue Service (IRS) along with model notices as to the use of new guidance under section III of Notice 2014-54 regarding allocation of after-tax and pre-tax amounts for distributors and Roth in-plan rollovers.

  • IRS Loosely Defines Partnership for Tax Purposes.  // Federal Tax Course Letter;Jul2013, Vol. 27 Issue 7, p3 

    The article presents the definition of the U.S. Internal Revenue Service (IRS) on partnership for federal tax purposes. It provides an overview of the legal definition of partnership under Code Section 7701(a)(2), and the factors that determine whether a joint venture exists. Furthermore, the...

  • Real Estate Investment Trust Corner. Schachat, Robert D.; Fisher, Mark; Lowy, James M. // Journal of Passthrough Entities;Mar/Apr2010, Vol. 13 Issue 2, p27 

    The article discusses the provision of Code Section 897 of the U.S. Internal Reserve Service (IRS) and the application of the exemption for gains from the sale of stock based on a real estate investment trust (REIT). Code Section 897 considers the connection with a U.S. trade or business gains...

  • Plan Contributions: IRS Proposes New Safe Harbor Rules for Employers Facing Business Hardship.  // Public Employee Quarterly;Sep2009, p4 

    The article deals with the proposed safe harbor rules from the U.S. Internal Revenue Service (IRS) targeted at employers that are facing serious business difficulties. Under the proposed rules, employers facing business hardships will be allowed to lower or suspend nonelective 401(k) and 403(b)...

  • If You Live To 121. BELL, ALLISON // National Underwriter / Life & Health Financial Services;6/1/2009, Vol. 113 Issue 11, p6 

    The article discusses the proposal made by the U.S. Internal Revenue Service (IRS) officials on a safe harbor for life insurance contracts which mature after the insured reaches the age 100. It notes that the safe harbor draws on the recommendations of the Society of Actuaries (SOA) task force...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics