New Wage and Labor Laws Take Effect in Virginia
Throughout 2021, Virginia has enacted several new labor and wage laws that increase employer liability. Construction firms and other employers should look closely at their contracts and other agreements to stay ahead of compliance.
IRS Issues Electronic Filing Mandate for Form 990-T
On March 15, 2021, the IRS announced in an e-News Update for Charities & Nonprofits that mandatory electronic filing of 2020 Forms 990-T has commenced.
Bipartisan Infrastructure Bill: State-by-State Impact and PLAs
A bipartisan infrastructure plan passed in the Senate has substantial implications for the construction industry. Project Labor Agreements remain a hot topic in negotiations, especially among construction stakeholders.
2021 North Carolina Tax Reform
North Carolina is on the verge of passing major tax changes affecting corporate, pass-through, and individual taxpayers. If passed, the state's corporate income tax would be eliminated and 250,000 taxpayers would be removed from state tax rolls.
Price Volatility in the Construction Industry
Rising lumber prices aren’t the only numbers that construction firms are closely following. Price surges across many construction inputs are creating supply and demand volatility and concerns of inflation.
Employee Benefit Plan Audit Changes Under SAS 136
Statement on Auditing Standards (SAS) No. 136 is quickly coming up on the employee benefit plan horizon. Plan sponsors should familiarize themselves with the changes so they can be fully compliant for periods after December 15, 2021.
