The Employee Benefits Security Administration (EBSA) issued a disaster relief notice during 2020 that gave relief to plans that had participant payments and withholdings that were not made within prescribed timeframes if those delays were solely attributable to the COVID-19 pandemic. The relief period began on March 1, 2020 and
Recovery from Q1 2021 is expected across most of the construction industry, according to the Fails Management Institute (FMI) Construction Industry Round Table (CIRT). Contributing factors for this improved industry confidence noted by the CIRT members include increased vaccine distribution programs, ongoing government stimulus, and increased customer spending. The
In a surprise move, on May 20, 2020, the Financial Accounting Standards Board (FASB) approved a one-year deferral to the effective date of the revenue standard (FASB ASC Topic 606, Revenue from Contracts with Customers) for all nonpublic and not-for-profit entities that have not issued their financial statements.
According to Associated Builders and Contractors (“ABC”), industry leaders are expecting increases per the Construction Confidence Index (“CCI”) in the following areas of their businesses: Sales Profit Margins Staffing levels The CCI is a diffusion index where readings over 50 indicate growth, and readings under 50 are unfavorable. Visit the
A captive insurance company is an entity created and wholly owned by one or more non-insurance companies to insure the risks of its owner, or owners. Captive insurance companies can be leveraged to provide small to medium-sized businesses with an option to better serve the insurance needs of their companies.