What is the biggest misconception about the industry?

As a CPA specializing in the construction industry, it still amazes me how many contractors don't understand the value of industry-specific expertise. The misconception by many contractors is they are like other businesses. Contractors often face unique challenges and regulations that differ significantly from those in different sectors. Tax laws can vary widely, with nuances that could substantially impact their financial outcomes. The scrutiny from bonding companies, banks, and government entities adds another layer of complexity to their financials. That's why contractors must work with CPAs who specialize in their industry and can navigate these specialized waters with expertise. Having a partner who understands the specific needs of the construction industry can make all the difference in meeting compliance requirements and finding opportunities for financial optimization and strategic growth. It's the kind of partnership that turns financial management from a chore into a strategic asset.


What is your biggest current challenge at work?

While contractors already have the difficult challenge of managing their margins, another big challenge they face is increased demands on financial reporting and tax standards. Even though over-regulation ultimately falls on the contractor, they look to us, their advisors, to help them navigate the increased demands from different stakeholders. As a CPA in the industry, it becomes a challenge to assist contractors in navigating this, while we are sensitive to the cost of these services affecting their bottom line.


What keeps you up at night?

Routinely, we leave the office with some open issues that must still be resolved for a client. It is their working capital struggle, tax burden, bonding capacity, or something else. As a firm that values the relationship with our contractors, it is important to help alleviate those stressors. Many times, those issues are the ones that keep me awake. My client's issues are my issues.


What project is your company most proud of?

There are numerous projects. Some clients needed to reduce overhead, and we helped institute a complete cost-reduction plan. We have had other clients where we found a $10M plus tax deferral. We have had others where we helped them double their bonding capacity. Each client has challenges, and I am proud of the results we have worked with our clients to achieve.


How does your ABC membership help your company?

Strong connections, passion for the industry, and shared knowledge are all the things I look for in being a part of an organization. ABC checks all the boxes!


What do you look forward to each day?

Coming to work and being with our amazing Construction Services team.


What are you like to work for?

I believe my team would say they appreciate that I am a consensus builder, and I encourage their input to make us a better partner to our clients.


What is your favorite metro Washington hangout/restaurant? 

I am a sucker for all of The Capital Grille's, and DC's does not disappoint!


Who would you trade places with for a day?

Tiger Woods at Augusta, I would love to make a golf ball do what I want.


What did you want to be when you grew up? 

My father was a CPA, so as long as I can remember, this is what I wanted to do. I realized my foot speed would limit my athletic professional aspirations, so I gravitated to accounting!


Tell us something no one in the industry knows about you.

I am one of nine kids and was a walk-on basketball player at Villanova University.


What is your favorite movie or TV show?

My favorite movie is The Shawshank Redemption; I can't pass it when it's on.


What do you do for fun?

I spend time with my family and golf. I love client golf, but golf with my son is the best!


What business/career advice do you wish you had when you began?

Never stop asking questions, and love what you do!


What book are you currently reading? 

The Servant: A Simple Story About the True Essence of Leadership by James Hunter


What was your first job?

My father was a CPA, so I have wanted to do this for as long as I can remember. I realized my foot speed would limit my professional athletic aspirations, so I gravitated to accounting!

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Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net- worth individuals achieve their goals. Marcum’s industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies and nonprofit and social sector organizations. The Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations.


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Marty McCarthy, CPA, CCIFP
Mid-Atlantic Construction Practice Leader.