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.
- Tax Planning and Compliance
- Tax Credits and Incentives
- Architecture and Engineering
- Opportunity for Businesses: The COVID Economic Injury Disaster Loan (EIDL) Limit Increases by $1.5 million to $2 millionSeptember 22, 2021
On October 8, 2021, the Small Business Administration (SBA) will begin approving COVID EIDL applications for loans greater than $500,000, increasing the COVID EIDL cap to $2 million. COVID EIDLs are loans directly from the SBA that must be repaid. Proceeds from a COVID EIDL can be used for working capital to make regular payments of operating expenses, and to pay business debt incurred at any time in the past, present, or future.
- The Interplay Between the Paycheck Protection Program and the Employee Retention Credit: How to Receive the Maximum BenefitSeptember 13, 2021
The Consolidated Appropriation Act (CAA) has enabled relief, but also created complexity for taxpayers that received a Paycheck Protection Program (PPP) loan and qualified for the Employee Retention Credit (ERC). These taxpayers should seek advice to get full forgiveness of the PPP loan and maximize the benefit available under the ERC, as the rules can get quite complicated.
- Is Your Business Eligible for the Employee Retention Credit under the New “Recovery Start-Up Business” Provision?May 11, 2021
The American Rescue Plan Act of 2021 enacted in March 2021 added the “Recovery Start-Up Business” provision so that a new business that could not get the benefit of the Employee Retention Credit (ERC) under the CARES Act or the Consolidated Appropriations Act, may now qualify for up to $100,000 in refundable payroll tax credits.
- 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.
- 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.
- 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.
- Reauthorization of Article 15-A of the Executive Law and Its Ramifications
On July 15, 2021, then New York Governor Andrew Cuomo reauthorized Article 15-A of the Executive Law which was originally signed into law in July of 1988. The intent of the legislation was and remains to help promote greater employment and business opportunities for minority and women-owned enterprises (i.e., MWBEs). Through the law, goals have been set for MWBEs’ participation in construction projects. In this latest reauthorization of 15-A, a goal of 30% of the budget comprised of MWBE participation for each year of a state project grant has been established. This goal applies to construction projects involving grant applications for over $25,000. This goal was determined based on a study conducted in 2016 to assess disparities in contract awards. For both contractors and MWBEs, it is important to understand the nine sections of Article 15-A in order to facilitate compliance and support the intention of the law.