Frank Scala, CPA
Partner Neal Korenberg, CPA
Partner, Vice President and
Quality Control Director
and indirect costs and ensure
everything is covered so that the
contractor won’t be caught short.”
The firm’s professional relation-
ships with bankers, sureties and
other industry professionals, Castel-
lano says, allows the team to pro-
vide clients with another level of
service aside from general account-
ing services. Additionally, its experi-
enced professionals can help
clients take advantage of certain tax
incentives and cost saving opportu-
nities which are available only to
these specific industries. “The team
at Castellano, Korenberg & Co. un-
derstands the availability of certain
contractor tax credits to ensure
clients utilize all possible tax
savings.” Other niche services include
year-end tax planning that can in-
clude calculating contractor run-off
and the projection of overhead ex-
penses to help manage a client’s
cash flow.
All of these specialized services
and familiarity of the industry are
crucial to serving the best interests
of clients. “Construction accounting
and taxation are unique,” Castellano
says. “There are different methods
of reporting income for tax pur-
poses that are available to contrac-
tors. It is important that a CPA firm
understand the complex accounting
and tax issues required of contrac-
tors. A CPA firm that does not
focus on contractors may not fully
recognize all of the tax implications
to a construction company, or the
strategies to mitigate these taxes.”
14 – WINTER 2018 — New York Construction Report
Lisa Ricciardi, CPA
Partner He says this understanding also
stretches to include knowledge of
current and future trends. In the
current business environment,
many contractors are looking to do
bonded projects. “Maximizing
bonding capacity allows a contrac-
tor to consider large, more lucrative
projects and usually requires inde-
pendent CPA involvement.”
Banks and sureties, he says,
want to see solid earnings retained
in the business together with ample
working capital and liquidity. An
owner’s instinct might be to mini-
mize or defer profits in order to
reduce the tax burden. A knowl-
edgeable construction CPA can
work with the contractor to manage
this delicate balance.
Castellano says the firm takes
pride in the relationships it has
built. “We continue to grow with
our clients and other service profes-
sionals. They are the cornerstone to
the success of Castellano, Koren-
berg & Co.”
He says the firm is directly in-
volved in all client interactions and
engagements and keeps clients in-
formed of financial and tax law
changes as they arise.
The firm is also dedicated to its
team of professionals. “Our com-
mitment to professional growth al-
lows us to address the
ever-growing needs of today’s mar-
ketplace, sustain low employee
turn-over and more importantly,
provide our clients with uninter-
rupted professional expertise and
personalized service year after
year.” Brendan Logan, CPA
Tax Partner
Castellano, Korenberg & Co. ac-
tively donates time, money and
items to a variety of charitable or-
ganizations. Partner, Lisa Ricciardi
said, “Our firm continually gives
back to the community in many
ways. One of the organizations that
involves those who are in the con-
struction industry is Contractors for
Kids which provides financial assis-
tance to families with sick chil-
dren.” Other organizations the firm sup-
ports include The Cooley’s Anemia
Foundation, The Interfaith Nutrition
Network, Long Island Cares, Inc.,
The Mary Brennan Inn, Movember
USA, Nontraditional Employment
for Women, Wounded Warrior Proj-
ect, and Homecoming Farm.
Castellano, Korenberg & Co. is a
member of the Construction Finan-
cial Management Association
(CFMA), Regional Alliance for Small
Contractors, Long Island Contrac-
tors Associations (LICA), Long Is-
land Builders Institute (LIBI),
General Contractors Association
(GCA), Mechanical Contractors As-
sociation (MCA), New York City
Surety Association, Queens and
Bronx Building Association (QBBA),
Association of Wall Ceiling & Car-
pentry Industries of New York, Inc.
(WC&C), Subcontractors Trade As-
sociation (STA), Women’s Builders
Council, Concrete Industry Board,
as well as a number of other ac-
counting and business associa-
tions. For more information, visit
www.castellanokorenberg.com.