Insights

It’s becoming increasingly clear that the impact of the novel coronavirus (COVID-19) will affect the construction industry in the United States in the coming weeks and perhaps even longer.

If you own at least 10% of a foreign company or any foreign rental real estate, you are required to file a form BE-10 by May 29, 2020 [1]. The BE-10 is a survey conducted by the Bureau of Economic Analysis (BEA) every five years to gather economic data about U.S. companies and individuals’ investments outside of the United States. Important aspects of the requirement include:

The coronavirus, which originated in Wuhan, Hubei Province, China, in December 2019, has spread to the United States, although so far in very small numbers. The Trump administration and the World Health Organization (WHO) have declared the virus a public health emergency. Employers should monitor the developments related to the virus and develop a plan about how to continue operations and protect their employees.

Employment laws are often grouped based on numbers – number of employees, to be exact. Sometimes, however, you can group laws by industry. This year, a number of new laws will affect Illinois hotels.

The I-9 Form, used to verify employment eligibility, was updated January 31, 2020, by U.S. Citizenship and Immigration Services.

The SECURE (Setting Every Community Up for Retirement Enhancement) Act, signed into law on Dec. 20, 2019, brings about major changes for your retirement plans. Below is a brief summary of notable changes that took effect on Jan. 1, 2020: