Harvard Corporate Governance

MAY 2, 2022

Specifically, I am commenting below on the section of the Proposed Rules entitled Prohibited Activities , which among other things, would forbid investment advisers from charging investors in private funds for the expenses and fees associated with complying with regulations, as well as cost incurred from examinations and investigations.

Compliance 205

Compliance Marketability 205

ThomsonReuters

MARCH 23, 2023

significantly expands the rules for self-correcting 401(k) plan errors. see our Checkpoint article ) expands access to self-correction for 401(k) plans in multiple ways. Participant-loan-related errors also may be self-corrected. QUESTION: We understand that SECURE 2.0 Can you tell us more about these changes?

Treasury 52

Treasury Compliance 52

Gross Mendelsohn

AUGUST 9, 2022

A 1031 exchange, which gets its name from Section 1031 of the Internal Revenue Code, can help you swap one investment property for another and defer capital gains taxes. These transactions are complicated, and they're riddled with rules that could make or break your investment. But they can be fruitful, as long as they are executed correctly.

74

74

ThomsonReuters

OCTOBER 28, 2021

The error is timely corrected. Calendar-year plans must report the excess on the Form W-2 for the year in which the correction was made; non-calendar-year plans must determine the plan year in which the correction was made and report the excess on the Form W-2 for the year in which that plan year ends.

97

97

ThomsonReuters

APRIL 7, 2022

Employers must be careful to apply the correct standard when determining an individual’s status for a specific purpose. For more information, see EBIA’s Health Care Reform manual at Sections XXI.E.3.a Contributing Editors: EBIA Staff.

Compliance 98

Compliance 98

ThomsonReuters

DECEMBER 2, 2021

Just under 70% of the civil investigations conducted in FY 2021 resulted in monetary results or other corrective action. Nonmonetary corrective actions included removal of plan fiduciaries, appointment of independent fiduciaries, and reforms of plan procedures.

Compliance 52

Compliance 52

ThomsonReuters

JULY 1, 2022

” The correct answer to this question is “b. These penalties are also discussed in Payroll Guide ¶4262 on the topic of correcting wage and tax statements. There are three sections to Form I-9. Last edition’s question. 110 per return.” Payroll Guide ¶4260 goes over the Form W-2 in general.

Start-ups 89

Start-ups Compliance 89

ThomsonReuters

APRIL 29, 2021

IRS Webpage: Top Mistakes in Voluntary Correction Program (VCP) Submissions (Mar. The IRS has updated its webpage listing common mistakes in Voluntary Correction Program (VCP) submissions. VCP allows sponsors to pay a limited fee and receive IRS approval for the correction of certain types of plan qualification failures.

Compliance 52

Compliance Banking 52

ThomsonReuters

DECEMBER 1, 2022

Proposed Amendments to Voluntary Fiduciary Correction Program, 87 Fed. Plan sponsors and fiduciaries could not be under investigation and would have to notify EBSA of the self-correction electronically through a new online VFC Program web tool to be located on EBSA’s website. 71164 (Nov. 70753 (Nov. Proposed VFC Amendments.

52

52

ThomsonReuters

MARCH 17, 2022

Tier 3—willful neglect, corrected within 30 days: The minimum penalty is $12,794 (up from $12,045); the maximum penalty is $63,973 (up from $60,226); and the calendar-year cap is $1,919,173 (up from $1,806,757). For more information, see EBIA’s HIPAA Portability, Privacy & Security manual at Section XX.E (“Civil Monetary Penalties”).

97

97

ThomsonReuters

MARCH 30, 2023

ANSWER: Possibly, if you conclude that (1) there is “clear and convincing evidence” that your employee made a mistake; (2) the mistake is of a type that can be corrected; and (3) the correction is appropriate. if she intended to elect health FSA benefits instead, the appropriate correction would be an election of such benefits).

52

52

ThomsonReuters

JULY 7, 2022

Warning of enforcement or other corrective actions, the letter advises that a meeting will soon be convened with industry leaders to seek commitments to correct areas of noncompliance. The FAQs cautioned that the agencies are actively investigating compliance and may take enforcement or other corrective actions.

Compliance 52

Compliance Treasury 52

ThomsonReuters

SEPTEMBER 9, 2021

The first responds to an inquiry on behalf of an HSA account holder who claimed that his employer overcontributed to his HSA, and that the custodian of his HSA mismanaged the HSA and failed to provide a corrected Form 5948-SA. The letter advises that the account holder should contact the custodian to obtain a corrected Form 5948-SA.

78

78

ThomsonReuters

OCTOBER 6, 2022

Resolution Agreement and Corrective Action Plan (Aug. LTD (“Paradise”) Resolution Agreement and Corrective Action Plan (Aug. Resolution Agreement and Corrective Action Plan (Sept. HHS Resolution Agreement: Family Dental Care, P.C. 1, 2022); HHS Resolution Agreement: B. Hardy, D.D.S., Contributing Editors: EBIA Staff.

Compliance 59

Compliance 59

ThomsonReuters

FEBRUARY 4, 2021

In FY 2020, EBSA conducted 1,122 civil investigations, 754 of which (67%) resulted in monetary results for plans or other corrective action. Nonmonetary corrective actions obtained included removal of plan fiduciaries, appointment of independent fiduciaries, and implementation of new plan procedures.

Compliance 52

Compliance 52

ThomsonReuters

JANUARY 26, 2023

For more information, see EBIA’s Health Care Reform manual at Sections XII.B.3 4 (“Surprise Air Ambulance Billing”) and EBIA’s Group Health Plan Mandates manual at Section XIII.B (“Patient Protections”). See also EBIA’s Self-Insured Health Plans manual at Section XIII.C (“Federally Mandated Benefits”).

Compliance 98

Compliance 98

ThomsonReuters

JULY 1, 2022

” This weekly salary threshold is discussed in the following Payroll Guide sections: Payroll Guide ¶18,015 , Payroll Guide ¶18,075 , Payroll Guide ¶18,080 , Payroll Guide ¶18,085 , Payroll Guide ¶18,090 , Payroll Guide ¶18,096 , Payroll Guide ¶18,097 , Payroll Guide ¶18,098 , and Payroll Guide ¶20,904a. 684 per week.”

Start-ups 98

Start-ups 98

ThomsonReuters

JULY 22, 2021

The IRS’s latest update to its Employee Plans Compliance Resolution System (EPCRS) includes modest expansions of the correction options available under the program. Correcting operational failures under SCP. De minimis correction threshold. Highlights for 401(k) plans include—. These changes are effective July 16, 2021.

Compliance 52

Compliance 52

ThomsonReuters

NOVEMBER 15, 2023

What to know about Section 501 What is Form 990? Charity tax exemptions are granted based on the organization’s compliance with specific regulations and its designation under Section 501(c) of the Internal Revenue Code. Choose the correct tax form. Jump to: Do charities get tax exemptions? What is Form 990?

Compliance 52

Compliance Finance 52

ThomsonReuters

FEBRUARY 23, 2023

Any corrected return must be filed in the same format (electronic or paper) as the original return to which the correction corresponds. Also, a partnership with more than 100 partners must file these returns electronically regardless of the number of returns. Contributing Editors: EBIA Staff.

52

52

ThomsonReuters

JULY 1, 2022

We asked: “There are three sections to Form I-9. Employers must complete and sign Section 2 of Form I-9 within a certain period of time from the date of hire (first day of work for pay) for a new employee. ” The correct answer to this question is “b. Last edition’s question. What is that period of time?”

94

94

ThomsonReuters

JANUARY 13, 2022

For more information, see EBIA’s Group Health Plan Mandates manual at Section XIV.C (“Required Preventive Health Services Coverage”) and EBIA’s Health Care Reform manual at Section XII.C (“Coverage of Preventive Health Services”). See also EBIA’s Self-Insured Health Plans manual at Section XIII.C.1

Compliance 98

Compliance 98

ThomsonReuters

DECEMBER 16, 2021

How do we self- correct this failure? ANSWER: The IRS’s Employee Plans Compliance Resolution System (EPCRS) offers several pre-approved methods that can be used to correct failures to implement automatic deferrals. But lower-cost methods may be available if the correction is made within specified timeframes.

Compliance 52

Compliance 52

ThomsonReuters

FEBRUARY 4, 2021

EBIA Comment: This change appears to correct an oversight in the 2020 Form 1095-C. The addition of these two codes corrects that omission. For more information, see EBIA’s Form 1094/1095 Workbook at Section VIII (“Form 1095-C Report/Employee Statement: Employer-Provided Health Insurance Offer and Coverage”).

52

52

ABI

JANUARY 19, 2024

Citi”) in contempt of the plaintiff’s discharge because Citigroup failed to correct plaintiff’s credit report tradeline. Bruce sought to hold Citi in contempt of the discharge injunction, under section 524(a)(2), through its failure to correct her tradeline. Citigroup, the Second Circuit held Citigroup Inc.

Equity 40

Equity 40

ThomsonReuters

JANUARY 19, 2023

EBIA Comment: The threshold for mandatory electronic filing with the IRS remains at 250 returns, applied separately to each type of return and to original and corrected returns. See also the recently updated EBIA’s Form 1094/1095 Workbook , including Section X (“Filing With the IRS”).

59

59

ThomsonReuters

MAY 13, 2021

Employers must be careful to apply the correct standard when determining an individual’s status for a specific purpose. For more information, see EBIA’s Health Care Reform manual at Sections XXI.E.3.a Contributing Editors: EBIA Staff.

Compliance 88

Compliance 88

ThomsonReuters

JANUARY 7, 2021

Self-Correction. For more information, see EBIA’s 401(k) Plans manual at Sections XXIV.D (“Investment Advice Fiduciaries”) and XXIV.L (“Prohibited Transactions”), and EBIA’s Consumer-Driven Health Care manual at Section XVI.E (“Overview of HSA Prohibited Transaction Rules”). Rollover Advice. Contributing Editors: EBIA Staff.

Compliance 59

Compliance Treasury Banking 59

Reynolds Holding

OCTOBER 9, 2023

In three of the actions, the SEC charged violations of the reporting requirements under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934. The SEC requires late Section 16(a) reports to be reported in proxy statements pursuant to Item 405 of Regulation S-K.

Equity 40

Equity Compliance Technology 40

Sun Acquisitions

JANUARY 26, 2024

Section 1202 Exclusion: In some cases, eligible small business owners can benefit from the Section 1202 exclusion, also known as the Qualified Small Business Stock (QSBS) exclusion. Consulting with a tax professional can help you determine the most tax-efficient way to structure the deal based on your situation.

Intangible Assets 59

Intangible Assets 59

Reynolds Holding

JANUARY 31, 2024

Securities and Exchange Regulation S-K[2] can support a securities fraud claim under Section 10(b) of the Securities Exchange Act, even absent an otherwise misleading statement.[3] Court of Appeals for the Eleventh Circuit have also weighed in and held that an Item 303 violation does not give rise automatically to Section 10(b) liability.[5]

Start-ups 45

Start-ups Technology Marketability Banking 45

Musings on Markets

FEBRUARY 8, 2024

The other is skepticism, and a sense that a correction is overdue, leading to what I call knee-jerk contrarianism, where your argument that these stocks are over priced is that they have gone up too much in the past. When stocks soar as much as the Mag Seven stocks have in recent years, they evoke two responses.

Marketability 115

Marketability Market Capitalization Start-ups Equity 115

ThomsonReuters

JUNE 23, 2022

Based on the user’s answers, the tool will indicate whether corrective action should be taken and provide guidance on the relevant HIPAA security rule or other security reference with suggestions on how to improve security. EBIA Comment: This version of the SRA Tool seems to be more user friendly than prior versions.

Compliance 98

Compliance Technology 98

ThomsonReuters

JANUARY 5, 2023

This might require a technical correction.]. Effective December 29, 2022, the penalty for failure to take RMDs is reduced from 50% to 25%, with a further reduction from 25% to 10% for failures corrected in a timely manner as defined in the provision. The Senate Finance Committee’s Section-by-Section Summary of SECURE 2.0

Compliance 52

Compliance Treasury Finance 52

Harvard Corporate Governance

OCTOBER 9, 2023

02 specifies that the Item 408(a) disclosure requirement applies to any Rule 10b5-1 plan or similar trading arrangement covering securities in which an officer or director has a direct or indirect pecuniary interest that is reportable under Section 16, where the officer or director has made the decision to adopt or terminate the plan or arrangement.

Total Shareholder Return 188

Total Shareholder Return Equity Compliance Marketability 188

ThomsonReuters

FEBRUARY 17, 2022

Form 8950 (Application for Voluntary Correction Program (VCP)) and Instructions (2022). Such requests must be made by submitting Form 8950 (Application for Voluntary Correction Program (VCP)) on the pay.gov website. Instructions. Contributing Authors: EBIA Staff.

Compliance 52

Compliance 52

ThomsonReuters

AUGUST 19, 2021

Plans to Pay $15.6M, Take Corrective Actions After Federal, State Investigations (Aug. million and take corrective actions to resolve claims brought by the DOL, a state attorney general, and group health plan participants for alleged violations of the Mental Health Parity and Addiction Equity Act (MHPAEA) and ERISA. 12, 2021); Walsh v.

Compliance 52

Compliance Equity 52