Your McCarthy Update
Marty McCarthy, CPA, CCIFP
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Focused on You. Dedicated to Your Success.
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December 21, 2020
McCarthy Thought Leadership
(Construction Executive) Create a Company Culture That Drives Success. A company’s culture drives its success. It is the one thing competition cannot duplicate because it is unique to the business. That is one reason why a company’s culture is so important. It is a unique differentiator that can be a competitive advantage or disadvantage. Learn from how from Marty McCarthy, CPA, CCIFP.
COVID-19 News
(Philadelphia Business Journal) See the data: SBA releases list of recipient names, loan values of EIDL program. Despite nearly a year of economic upheaval that has snuffed out the American dream for thousands of entrepreneurs, the Small Business Administration's disaster lending program has yet to award the maximum loan amount available to businesses affected by the Covid-19 pandemic, according to newly released data. Read more.
(Philadelphia Business Journal) Philadelphia restaurants notch big win with free COVID-19 testing site for employees. Philadelphia restaurant workers and their families will soon have access to free weekly COVID-19 testing at a temporarily shuttered Rittenhouse Square restaurant as the hospitality industry continues to battle the ongoing pandemic. Learn more.
Construction News
(Construction Dive) New guidance indicates construction not likely to be shut down in New York. New York officials have issued additional guidance about construction’s essential status that seems to indicate that even in the areas hardest hit by the coronavirus outbreak, construction will most likely remain essential. Read more.
(Construction Dive) Study: Construction has the highest COVID-19 rate of nearly any industry. A new study tracking the results of more than 730,000 COVID-19 tests found that construction workers had the highest positivity rates for asymptomatic cases of any occupation, including healthcare staff, first responders, correctional personnel, elderly care workers, grocery store workers and food service employees. Learn more.
(Construction Dive) Tax changes on the horizon: What contractors need to know. As the end of 2020 approaches, even as many construction businesses are still struggling with the fallout from the COVID-19 pandemic, it’s time to close out the year financially. That means it's time for tax planning and the consideration of other financial issues, both of which will hopefully put contractors in the best position to take on 2021. Read more.
(Construction Executive) 2021 Construction Economic Forecast. As Recession Threat Remains, ‘V’-Shaped Recovery Is at Risk of Becoming a ‘W’ according to Airban Basu. The current “V”-shaped economic recovery could be transitioning into a “W”—another recession may be on the horizon. Critically, one could occur even if a further stimulus is passed. Read more.
(Construction Executive) VIDEO: 2021 Construction Economic Forecast. Construction Executive presented its 2021 Construction Economic Forecast webinar with Anirban Basu on December 16. Special attention was given to real estate and construction dynamics, labor market performance, state and local government finances, financial market performance, as well as other aspects of economic life. The presentation concluded with an outlook for the year to come. The full recording can be accessed here
(Construction Executive) COVID-izing Your Construction Contract. It is critical that owners, developers, contractors, and suppliers learn from their experiences over the past year and account for the COVID-19 pandemic when drafting and negotiating contracts for their projects. Learn why.
Real Estate News
(Bloomberg) U.S. housing starts rose for a third-straight month in November. U.S. new home construction rose more than forecast to a nine-month high in November, highlighting the strength of a residential housing market that has been supported by strong demand amid low interest rates. Learn more.
(Bankrate) Five housing trends for 2021: What is ahead for mortgage rates, home prices, flight to suburbs? In 2021, mortgage rates will rise from record lows, home-price gains will slow, and Americans will continue their migration to less dense regions and lower-cost housing markets. That is according to housing experts who spoke during last week’s virtual conference of the National Association of Real Estate Editors. Read more.
(Housing Wire) Fannie Mae extends relaxed appraisal, lending standards. Mortgage giant Fannie Mae extended its relaxed lending and appraisal standards put in place due to COVID-19. Learn more.
Business News
(Accounting Today) IRS warns of new scam targeting e-filers. The IRS said the fraudsters suggest they are contacting the Electronic Return Originators (EROs) to verify or check on their Electronic Filing Identification Number (EFIN) acceptance letter. The scammers may then ask the ERO to email them a copy of the EFIN acceptance letter and provide a phone number to call for questions. Learn more.
(Accounting Today) Guidance issued for safe harbor retirement plans. A safe harbor 401(k) plan is like a traditional 401(k) plan but is structured in a way that certain compliance testing can be avoided. Among other things, a safe harbor 401(k) plan must provide for employer contributions that are fully vested when made. These contributions may be employer matching contributions, limited to employees who defer, or employer contributions made on behalf of all eligible employees, regardless of whether they make elective deferrals. Read more.
(FastCompany) These toxic remote management approaches are leading to worker burnout
(Philadelphia Business Journal) How the economy is actually doing. Nearly a year after the coronavirus outbreak began, the full effect of the pandemic on the U.S. economy remains unclear. Some of the most obvious indicators are in conflict: As some companies report enormous profits, nearly 10 million more Americans are now unemployed compared with last February, and more than 1 million filed new unemployment claims last week. Learn more.
Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at Richard.Higgins@MCC-CPAs.com. I can be reached at Marty.McCarthy@MCC-CPAs.com. As always, we are happy to help.
Stay safe,
Marty McCarthy, CPA, CCIFP
Managing Partner
McCarthy & Company
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).
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