Industry survey highlights contractors remain optimistic despite facing significant challenges relating to regulations, labor conditions, environment, safety compliance, technology, cybersecurity and insurance.

The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in multiple employer plans (MEPs) that provide their employees a defined contribution plan such as a 401(k) plan or a SIMPLE IRA plan. Certain self-employed individuals also can participate in MEPs.

In a ruling by the Department of Revenue Services for the State of Connecticut, new tax legislation was recently passed concerning nonresidents owning real estate in Connecticut.

On July 15, 2019, the IRS issued final regulations to remove existing regulations regarding advance payments for goods and long-term contracts. These final regulations apply for taxable years ending on or after July 15, 2019 and affect accrual method taxpayers who receive advance payments for goods, including those that may be inventoried.

On June 16, Governor Cuomo reauthorized the Minority and Women Owned Business Enterprises (MWBE) program, due to expire at the end of 2019, for five more years. The reauthorization of the law includes enhancements that will enable even more MWBEs to participate in and benefit from the program.     

The second round of proposed regulations issued on April 17, 2019 provide additional guidance on some of the questions and issues that remained unclear after the initial round of proposed regulations that were issued in October 2018.