Castellano, Korenberg & Co. CPAs was founded in 1991 with a vision to serve the construction industry’s diverse and underserved financial needs. Almost three decades later, the firm has maintained its vision and expanded as a trusted advisor for all business matters. From consulting services such as mergers and acquisitions, to succession planning and increasing wealth, the firm is prepared to help clients achieve financial success.
Founding partners Daniel Castellano and Neal Korenberg both agree that the relationships they build with their clients and other service professionals in the construction industry are the cornerstones of Castellano, Korenberg & Co.’s success.
“By focusing on these relationships, our clients know they can count on us to provide expert advice and business insight today, tomorrow and years from now.” said Castellano. “Some of our most successful relationships are the ones which have endured many years and multiple generations.”
Castellano, Korenberg & Co. believes its team understands the construction industry’s unique challenges. In some cases, the accountants help clients by challenging their estimates, comparing their quotes against others in the industry and assisting them to operate more profitably.
Supporting clients can also mean meeting with supervisors and project managers to review original contract takeoffs and bids. “We learn about direct and indirect costs and ensure everything is covered so that the contractor won’t be caught short,” says Korenberg.
“Construction accounting and taxation are unique,” Castellano says. “There are different methods of reporting income for tax purposes that are available to contractors. It is important that a CPA firm understand the complex accounting and tax issues required of contractors. 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.”
He says this understanding also stretches to include knowledge of current and future trends. In the current business environment, many contractors are looking to work on bonded projects. “Maximizing bonding capacity allows a contractor to consider large, more lucrative projects and usually requires independent CPA involvement.”
Banks and sureties, he says, want to see solid retained earnings together with ample working capital and liquidity. An owner’s instinct might be to minimize or defer profits in order to reduce the tax burden. A knowledgeable construction CPA can work with the contractor to manage this delicate balance.
Partner Frank Scala says: “The firm’s professional relationships with bankers, sureties, and other industry professionals, allows the team to provide clients with another level of service aside from general accounting services. We have developed specialized financial statements to satisfy our clients’ banking and surety requirements while assisting in their growth and success.”
Castellano, Korenberg & Co. is dedicated to both its team of professionals and the community. “Our commitment to professional growth allows us to address the ever-growing needs of today’s marketplace, sustain low employee turn-over, and more importantly, provide our clients with uninterrupted professional expertise and personalized service year after year,” said partner Lisa Ricciardi.
“We are also committed to giving back to the community by being actively involved in organizations, collecting donations, and participating in charitable events. One of the organizations that involve those who are in the construction industry is Contractors for Kids, which provides financial assistance to families with sick children.”
Other organizations the firm supports include The Cooley’s Anemia Foundation, Homecoming Farm, The Interfaith Nutrition Network (The INN), Long Island Cares, Inc., Movember USA, Nontraditional Employment for Women (NEW), St. St. Jude’s Children Research Hospital, Toys for Tots Toy Drive, and Wounded Warrior Project.
Castellano, Korenberg & Co. is a member of the Construction Financial Management Association (CFMA), Regional Alliance for Small Contractors, Long Island Contractors Associations (LICA), Long Island Builders Institute (LIBI), General Contractors Association (GCA), Mechanical Contractors Association (MCA), New York City Surety Association, Queens and Bronx Building Association (QBBA), Association of Wall Ceiling & Carpentry Industries of New York, Inc. (WC&C), Subcontractors Trade Association (STA), Women’s Builders Council, Concrete Industry Board, as well as a number of other accounting and business associations.
For more information, visit www.castellanokorenberg.com.