HORNE’s Client Advisory Services team recently hosted their Wrapping Up the Year Workshop, a specialized session tailored for bookkeepers and controllers. This workshop served as a comprehensive guide to year-end best practices in bookkeeping and payroll along with other key construction tax updates.
Featured Speaker Ivana Harrington, shared her expertise about the latest updates to the Davis Bacon Act, which is vital for contractors and organizations involved in government-funded construction projects. Below are a few key takeaways:
- Due to the increased number of federally funded construction projects and the federal contracting system’s recent changes, the U.S. Department of Labor (DOL) issued a final rule to clarify and codify updates for contracting agencies, contractors and workers, with the intended outcome of enhancing the consistency of the administration and enforcement of the Davis Bacon Related Acts (DBRA). This Final Rule became effective on October 23, 2023.
- Title 29 of the CFR Sections 1, 3 and 5 have been updated and expanded to help the construction industry better understand and define long-standing interpretations and define common terms that allow for clarity in interpretation.
- Part 1 provisions relating to wage determination methodologies apply to wage determinations completed and published after October 23, 2023. Title 29 of the Code Federal Regulations (CFR) 1.6(c)(2)(iii) provisions relating to updating wage determinations after contract award applies to new and existing contracts as of October 23, 2023. All other provisions apply to contracts awarded after October 23, 2023
- The final rule serves to streamline the approaches for compliance implementation, provide more detail on enforcement practices and provide clarity on points of accountability for contractors, subcontractors and agencies authorizing contracts.
Navigating these updates can be complex which is why our team of experts are dedicated to offering you our support and guidance. For a deeper look and understanding of this topic, watch Ivana’s full presentation here or contact a member of our team today.