Overview

Joseph Molloy, CPA, is a tax partner at Anchin and a key member of the Firm’s Architecture & Engineering and Construction Industry Groups.  Joseph has 20 years of experience in public accounting and has extensive experience preparing tax returns for a variety of entities, including C-Corps, S-Corps, partnerships, individuals, and trusts. He has an especially strong understanding of code section 460 “special rules for long-term contracts”, which he uses to help clients create and maintain tax deferral strategies, thus enhancing their financial position. Through strategic tax planning, he has helped clients save significant tax dollars, helping them to improve cash flow and providing an additional source for funds for their business.

At Anchin, Joseph will help ensure that the firm’s A/E/C clients are taking advantage of all tax savings / deferral opportunities available to them, focusing on Federal and State Tax Credits, and accounting method options. He is proficient in all areas of tax including projection, preparations, reviews, and correspondence, with a strong focus on tax incentives such as the research and development credit, 179D and cost segregation studies.

Joseph is often engaged as a public speaker at banks, sureties and organizations and is a visiting professor at Columbia University. He is a member of the American Institute of Certified Public Accountants (AICPA); the New York State Society of Certified Public Accountants (NYSSCPA), where he previously served as Chair of the Construction Committee; and the New York Chapter of the Construction Financial Management Association (CFMA).

Joseph received his B.S. in Accounting from Queens College.

Expertise

• Tax Planning and Compliance
• Tax Credits and Incentives

Industry Focus

• Architecture and Engineering
• Construction

Resources

News

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  What Architecture, Engineering and Construction Firm Owners Need to Know About the Impact of a Full or Partial Suspension on the Employee Retention CreditMarch 25, 2021

  A/E/C firms that experienced some type of government suspension in 2020 may qualify for this credit even if they did not have the required reduction in Gross Receipts. Even if you were considered an essential contractor, you may still qualify as having experienced a partial government suspension.

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  What A/E/C Firms Need to Remember About the CARES ActAugust 31, 2020

  At this point, so much has happened this year that the CARES Act may seem like old news, yet its tax provisions remain in effect and, in some cases, beyond 2020 (unless subsequent legislation changes them). Careful planning may allow architecture, engineering and construction (A/E/C) firms to fully benefit from the wide and varying tax relief offered.

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  Anchin Welcomes Construction Industry Tax Specialist Joseph Molloy to the Architecture & Engineering and Construction Industry GroupsAugust 18, 2020

  Joseph is the latest addition to the AEC team and will provide resources to support the team's ongoing growth. His focus on delivering timely and valuable tax strategies fits well with the breadth of tax services provided by the team, including Federal and State Tax Credits, and accounting method options.

Events

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  The Paycheck Protection Program (PPP) and Employee Retention Credit (ERC) – Is Your Business Fully Utilizing These Relief Programs?April 22, 2021

  Members of Anchin’s COVID-19 Resource Team will walk you through the latest rules for eligibility and forgiveness of PPP loans, along with eligibility requirements for 2020 and 2021 Employee Retention Credits. The team will discuss the interplay of these programs for companies that may be eligible for both benefits. The team will also cover the recent IRS guidance issued, and the latest ERC program extension and expansion which now includes “recovery startup business.”