RECAP: Wrapping Up the Year Workshop

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.

READ MORE OF OUR LATEST INSIGHTS

SEE AROUND CORNERS.
INDUSTRY EXPERTISE DELIVERED.

More Insights

Demystifying OSHA Inspections and Enhancing Workplace Safety

Are you confident that your team is prepared for an OSHA site visit? If the answer is no, or if you want to be more prepared, then join us as we...

READ MORE

Market Dislocations: Bid-Ask Spread and Risk Premium in Healthcare

We have been hearing about a “bid-ask spread” issue in the lower middle market healthcare space for a significant time, and I wanted to discuss...

READ MORE

HORNE’s Board of Directors Announces New CFO

HORNE’s Board of Directors recently appointed Kennon Breaux as the firm’s chief financial...

READ MORE

HORNE Board of Directors Announces New Director of AI and Innovation

HORNE’s Board of Directors recently appointed Naveen Khan as the director of AI and Innovation for HORNE’s Intelligence and Automation...

READ MORE

Section 3 in Federal Programs

If you represent an organization that regularly receives Federal funds, you are probably familiar with requirements relating to Federal Labor...

READ MORE

Compliance with Federal Environmental Review Requirements

Did you know that every Federally-funded project must undergo an environmental review before any funds can be spent, or even committed to a project?...

READ MORE

Talk to an expert today.