The Hidden Advantages and Disadvantages of the Infrastructure Bill
Recorded On: 10/14/2021
The $1.2 trillion infrastructure bill is an integral part of President Biden’s plan to bring America back. While it will provide a lot of people with jobs, it will also cost a lot of money. Participants in this virtual seminar will learn what the bill could mean to contractors and bonding agents in a post Covid environment. Speaker Marty McCarthy, CPA, CCIFP, managing partner of McCarthy & Company, a leader in construction accounting, as well as a member of the NASBP CPA Advisory Board is joined by Matthew J. Boland CPA, CCIFP, Director – Accounting & Assurance with McCarthy & Company to discuss:
- How PPP loan forgiveness will impact financial statements.
- Understanding balance sheets post Covid with the implementation of ASC 606.
- How underwriters will have new financial statement line items to compare with prior years.
- Lease standards in accordance with ASC 606 and the infrastructure plan.
- Potential need for more bonded private work.
Learn what you need to know if and when the infrastructure plan becomes law. Be aware of potential changes in the tax law and other regulations that could impact your business.
Martin C. McCarthy, CPA, CCIFP
McCarthy & Company, PC
Marty McCarthy, CPA, CCIFP, is well-respected by sureties and bankers for the high quality of his work and profound understanding of the construction industry. Marty helps clients by providing them with the insight needed to grow their business and become more profitable. He is well-regarded as an expert on the Payroll Protection Program (PPP) and other COVID-19 related government programs.
A speaker and author on topics related to construction accounting and financial management, Marty has presented seminars for the National Association of Surety Bond Professionals (NASBP), Construction Financial Management Association (CFMA), Associated Builders and Contractors (ABC), Architectural Glass & Metal Association (AGMA), and Construction Association of Eastern Pennsylvania (CAEP). His articles are featured in leading trade and business publications including CE This Week (Construction Executive), Utility Transportation Contractor (UTCA), and New Jersey CPA (NJCPA).
Matthew J. Boland
McCarthy & Company, PC
Matthew J. Boland CPA, CCIFP, director – accounting & assurance with McCarthy & Company, PC, a leader in construction accounting, recently earned the Certified Construction Industry Financial Professional (CCIFP) designation awarded by The Institute of Certified Construction Industry Financial Professionals, Inc. (ICCIFP). The CCIFP designation is "the only construction financial management certification accredited by the American National Standards Institute," according to ICCIFP. Two other members of the firm – Marty McCarthy, CPA, CCIFP, managing partner, and David Gibbs, CPA, CCIFP, MBA, partner, also hold this esteemed designation.
“Earning the CCIFP designation was important to me. It formally recognizes my expertise in construction accounting,” explains Boland. “The majority of the clients that I work with are construction contractors. I was interested in earning the CCIFP designation so I can help my clients strengthen their financial positions, grow their businesses, and become more profitable. That is the value proposition that McCarthy & Company delivers its clients.” By earning the CCIFP designation, Boland joins an exclusive group of fewer than 1,200 professionals nationwide who have met ICCIFP’s rigorous standards in the practice of construction financial management. Established in 2003, CCIFP is the only standard to recognize financial professionals with a superior understanding of the industry’s financial opportunities and challenges. To earn the designation, an applicant must serve in a professional financial role for a construction contractor or an accounting and/or financial service provider to the industry and pass a comprehensive exam. To maintain this certification, members are required to complete ongoing continuing education in the field of construction financial management.
The CCIFP designation raises the standards for construction financial professionals by giving special recognition to those who demonstrate skill and proficiency in their field, verified through advanced education, professional experience, and rigorous examination. As part of an elite group, Boland enjoys a new level of credibility and industry-wide recognition. He has a proven record of accomplishment, experience and success and is now counted among the most highly qualified construction financial professionals in the industry. The ICCFP is a not-for-profit corporation established to promote the highest standards of construction financial management through the credentialing of construction financial professionals. The CCIFP exam covers construction financial management topics such as accounting and reporting, income recognition, budgeting and planning, risk management, taxes, human resources, legal issues, and information technology. This designation has garnered endorsements from the Construction Financial Management Association (CFMA), Construction Industry CPAs/Consultants Association (CICPAC), International Risk Management Institute (IRMI), National Association of Surety Bond Professionals (NASBP), and other well-respected construction industry groups.
He earned a Bachelor of Art degree in accounting and finance from Muhlenberg College in 2010. Matt is a member of the American Institute of Certified Public Accountants (AICPA), Pennsylvania Institute of Certified Public Accountants (PICPA), National Association of Surety Bond Producers (NASBP) and Construction Association of Eastern Pennsylvania (CAEP). A father of three, Matt is married to Gina.
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