News/Publications

Below you will find our latest publications:

November 1, 2019

While the construction industry has embraced the use of some forms of digital technology, like mobile devices and project management software, many construction companies are struggling to integrate digital solutions into their operations, and to fully realize the potential benefits of digitizing and automating their processes, recent research has suggested.

The results of a survey of engineering and construction companies (E&C...

November 1, 2019

As the construction workforce becomes increasingly diverse, language barriers on jobsites can lead to communication-based health and safety risks, and make collaboration challenging. But by taking action to improve the language skills of their workers, construction companies can alleviate these risks and increase productivity, according to a recent study.

The findings of a report published in May 2019 by the American Council on...

November 1, 2019

Rammed earth is an ancient method of construction in which soil is compressed to create attractive and durable walls and floors with earth-toned striations. While this technique has long been used around the world to build structures as impressive as the Great Wall of China, it has only recently been revived in the U.S. as an environmentally friendly and potentially lower cost alternative to concrete.

This method uses forms in...

August 31, 2019

Owners of construction businesses should know the rules when it comes to classifying a worker as an employee or an independent contractor, since each of these worker classifications has different tax liabilities and tax withholding and payment procedures. Employers who fail to comply with IRS rules can face consequences, including having to pay back taxes and benefits, as well as penalties.

Generally, an independent contractor...

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CK Construction Advisor
 
CK Tax and Accounting Advisor

September 24, 2019

Any business owner who’s acquired, constructed or substantially improved a building this year — or even in previous years — should read up on the tax benefits of a cost segregation study. Undertaking one may allow you to accelerate depreciation deductions, which reduce current taxes and boost cash flow.

Real vs. tangible

IRS rules generally allow you to depreciate commercial buildings over 39 years. Most times, you’ll depreciate...

June 25, 2019

When the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to an inflation-indexed $10 million. It was further indexed for inflation to $11.18 million for 2018 and now $11.4 million for 2019.

Somewhat lost in the clamor, however, was (and is) the fact that the new law preserves the “portability” provision for married couples. Portability allows your estate t...

April 24, 2019

The thought of creating a buy-sell agreement may strike a certain amount of trepidation into the hearts of some contractors. The mere suggestion of ownership change can raise delicate issues that are often avoided. But putting off the creation of a well-crafted buy-sell can put a construction company at risk if unexpected circumstances arise.

Understand the purpose

Essentially, a buy-sell sets up parameters for the transfer...

January 30, 2019

Taking full advantage of depreciation tax breaks is a time-honored tradition for construction company owners. And this year is no different.In fact, it’s even more potentially beneficial under the changes wrought by the Tax Cuts and Jobs Act (TCJA). So, now’s a good time to see whether and how you can put Section 179 expensing and the bonus depreciation deduction into action.

Expensing under Sec. 179

Need new light or heavy equi...

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CK Firm News

December 10, 2019

Channeling our inner child, donations of toys for the Toys for Tots program, made their way into our office collection box. Castellano, Korenberg has been a proud participant in the Toys for Tots program for over ten years. This year we collected over 20 gifts for the program. 

"The Marine Toys for Tots Program has been delivering a message of hope to less fortunate youngsters since 1947. Their primary goal is, through the...

September 20, 2019

Castellano, Korenberg & Co., CPA’s, P.C., is pleased to announce several promotions at the firm, including two new partners, Paul DiTredici and Dennis Hynes.

Paul DiTredici joined Castellano, Korenberg & Co. In September 2013 and has both private and public accounting experience.  He currently provides assurance and consulting services to various types of construction companies, including general contractors, construction manag...

August 10, 2019

Castellano, Korenberg & Co., CPA’s, P.C., has been named one of the Top 50 Construction Accounting Firms by Construction Executive Magazine.  

“It is an honor and a privilege to be recognized as one of the Top Construction Accounting Firm and a testament to our commitment to serving our clients operating within the construction industry” said Dan Castellano, managing and co-founding partner of Castellano, Korenberg & Co. 

Now in...

June 7, 2019

The Long Island Alzheimer’s Foundation’s Annual Golf Classic will be held on Monday, June 24, 2019 at Sands Point Golf Club. The foundation has chosen our very own Managing Partner, Daniel A. Castellano, CPA to be this years Honoree. Both Dan and the firm are proud to be a part of such a great event for a very important cause. 

"For over 30 years, Long Island Alzheimer’s Foundation (LIAF) continues to provide ever-expandin...

April 15, 2019

CK Audit Manager Anthony Viscoso was recognized as a "Emerging Young Professional" by the Subcontractors Trade Association(STA) on April 11, 2019 at their annual Construction Awards Dinner. 

For the first time in STA history, the association recognized a "select group of industry professionals under the age of 39 who have demonstrated leadership, who have a significant impact within their companies, and whose dedication to...

January 3, 2019

On December 22, 2018 our friend and partner Brendan Logan passed away unexpectedly. 

Brendan joined the practice in 2007 after ten years of experience in our industry.  He was admired and respected by his partners, staff and clients.  Brendan was an avid golfer and known for being such a great guy.  His greatest love was for his wonderful wife and two beautiful children. 

We were fortunate to have known him a...

November 27, 2018

Keeping up with the annual tradition of collecting food items for the Thanksgiving Dinner hosted by the INN to feed the homeless, the CK team donated over 50 items of food. The CK team holds at least four collections drives throughout the year collecting food, clothing, and toiletry items to benefit the INN. 

The INN is the largest non-profit organization that fights hunger and homelessness on Long Island. They provid...

November 18, 2018

On Saturday November 10, 2018, a volunteer group of 20 people lead by CK's partner Lisa Ricciardi, lend a helping hand to Homecoming Farm by spending the day cleaning up the crops as Homecoming Farm prepared for the winter. Homecoming Farm is an "organic garden project" lead by volunteers to provide a sustainable way of providing organic fruits and vegetables to the homeless. 

The group manually pulled out tomato stakes, d...

November 11, 2018

Congratulations to our friend and colleague, Robert J. Schaffer, CPA on being named one of Long Island Business News' (LIBN) 2018 Who's Who in Accounting. Robert is a Tax Manager at CK & Co. and has been part of our team since 2009 and has over 25 years of tax and audit experience. 

This years edition acknowledges industry leaders in both Accounting and Real Estate. Click the image below to view this year's selection of industr...

November 9, 2018

CK's Stephen M. Cerruto, Tax Supervisor, was featured in the October/November 2018 CPA Roundtable section of the Trusted Professional.  The Trusted Professional is published by the New York State Society of CPAs and keeps its readers up to date on legislative, regulatory, and administrative developments on tax, audit and accounting policies in New York State. 

To read the full article, click on the image below. 

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