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Quarterly News
March | 2024
E.J. Callahan & Associates Updates
EJC Announces New Partners Jeffrey T. Rogers & Brian E. Moynihan
E.J. Callahan & Associates is pleased to announce Jeffrey T. Rogers and Brian E. Moynihan have been promoted to partner. Congratulations to Jeff and Brian. Learn more about Jeff and Brian in EJC's Blog Post.
EJC Celebrates 10 Year Anniversary
EJC celebrated its 10 Year Anniversary! This would not be possible without our incredible clients, staff, friends, and family. Thank you all for your continuous support and dedication to the firm and its mission of helping every client achieve and sustain their business vision. We are proud to be your trusted business advisors.

Thank you,

E.J. Callahan & Associates
Awards
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E.J. Callahan & Associates is pleased to share we have ranked #36 on the Boston Business Journal’s list of Largest Accounting Firms in Massachusetts, up 7 spots from last year! This is our fourth consecutive year making the list. A special thank you to our clients, team, friends and family that continue to make this possible.
Events
EJC's Annual Seminar
EJC Partners Christopher Previte, CPA, Daniel Andrews, CPA, Steve Zaremba, CPA and Wilder Jacobellis, CPA presented "Measurement in Uncertain Times", during which they discussed what your measurement system should be telling you, and how you should be operating in slow growth times. Miss the seminar? Reach out today for your copy of the presentation slides.
Jeff Rogers Presented Webinar:
"Year End Tax Planning for Construction Companies and Their Owners"
EJC's Jeff Rogers presented a Lunch & Learn Webinar: Year-End Tax Planning for Construction Companies and Their Owners, as part of the Associated Subcontractors of Massachusetts' educational series. During the session, Jeff discussed recent federal and state tax legislation developments and how to plan for their impact. Massachusetts tax reform, the Millionaire’s Tax, and various tax credits and incentives were also among the topics discussed, along with some tax planning strategies that contractors and their advisors tend to overlook. Miss the webinar? You can view it here.
Jeff Rogers Presented Webinar "Work Opportunity Tax Credits (WOTC)" to the Associated General Contractors of Massachusetts HR Committee
The "Work Opportunity Tax Credits (WOTC)" is a federal tax credit available to employers for hiring and employing individuals from certain targeted groups who have faced significant barriers to employment. Interested in learning more on the topic and whether you qualify for the credit? Access the presentation slides here and reach out to Jeff or your EJC partner with any questions.
EJC Pre-Tax Season Celebration
The EJC Team got together for a Pre-Tax season celebration to cheer on the Celtics! Friends and family joined for a night of excitement and camaraderie.
EJC Women's Paint Night
The women of EJC gathered for a Paint Night to celebrate Women's History Month.
News
The Tax Relief for American Families and Workers Act of 2024 - What's in it and Where it Stands
By Jeffrey T. Rogers, CPA, MST | Partner, EJC
Many pass-through entities recently placed their 2023 tax returns on extension as a result of a tax bill that is currently in Congress. Some analysts feel the bill is at significant risk of not passing at all but we at EJC prefer to be optimistic, especially with such favorable tax provisions at stake.

Learn more about the bill, its provisions, and where it stands in EJC's Blog Post.
Financial Reporting Software Is Only as Good as the People Operating It

To try to solve the challenges of construction financial reporting, contractors often take the step of obtaining or upgrading accounting software, often deploying software that aligns with the construction trade; generic accounting software is typically not adequate for commercial contractors.

The software also must be sophisticated enough to integrate with other programs, notably estimating and billing systems, and allow all users to drill down to enter and use data. But while having the right software is often helpful, it’s only part of the solution.
Tax Tips for Transferring Excess 529 Plan Funds to Roth IRAs: The Tax Letter

Saving or paying for college can be expensive. 529 plans can blunt the cost. But what if the 529 account has funds left after the beneficiary’s education, or that beneficiary decides not to attend college or any apprentice program? 

Women in Construction Spotlight
In honor of Women in Construction Week, EJC had the pleasure of spotlighting Nancy Pacella, Co-Owner and Vice President of Pacella Enterprises, Inc., a Women Owned construction and heavy highway company, and client of EJC’s.

Read more about Nancy's inspiring story and advice about navigating male-dominated industries in EJC's Blog Post.
Welcome our Winter 2024 New Hire Class
From left to right:

Emily Lissner joins as an Audit Supervisor, with over 4 years of public accounting experience at an international firm's construction practice. Emily graduated from College of the Holy Cross with a Bachelor of Arts Degree in Accounting.

Michael Reppucci joins the firm as a Tax Intern as he completes his final year towards a Bachelor of Science Degree in Business Administration with a concentration in Accounting from the University of Massachusetts Lowell.

Samuel Yarrow joins the team as an Audit Associate upon graduating with a Bachelor of Science in Business Administration Degree with a concentration in Accounting and Finance at Northeastern University. Sam is Bloomberg Market Concepts Certified and Bloomberg Environmental Social Governance Certified.

Caitlin McCall joins EJC as an audit associate with 2 years of public accounting experience. Caitlin is currently pursuing her Master of Science Degree in Accounting at Merrimack College, where she graduated with a Bachelor of Science Degree in Accounting.
Congratulations on your Promotions
Senior Audit Associate
Joey Huang, MSA
Senior Tax Associate
ABC’s Construction Backlog Indicator Down in February, Contractors Remain Confident

ABC produces the Construction Backlog Indicator, the only economic indicator that reflects the amount of work that will be performed by commercial and industrial construction contractors in the months ahead, and the Construction Confidence Index, a diffusion index that signals construction contractors’ expectations for sales, profit margins and staffing levels.