Joseph Molloy

Joseph Molloy, CPA

Partner, Tax Construction Leader

  • Jericho
  • (516) 336-2412
Joseph Molloy is a Partner and Leader of Construction Taxation at Grassi. In this role, he is responsible for overseeing the preparation and review of tax returns for clients in the Construction Industry.
Joe is proficient in all areas of tax including projections, preparations, reviews and correspondence. He has an especially strong understanding of code section 460 – special rules for long-term contracts, which he uses to help clients create and maintain tax deferral strategies, thus enhancing their financial position. Joe also has extensive experience preparing tax returns for a variety of entities, including C-Corps, S-Corps, partnerships, Individuals and trusts.
Joe shares tax information, regulation updates, and tax reporting best practices with clients as well as presents tax updates in presentations to sureties, banks, and other financial creditors.
His extensive knowledge of Tax Incentive Program opportunities available to the industry, such as the 179D and the Research & Development (R&D) credit, has resulted in substantial increased cash flow for many clients.
Prior to joining Grassi, Joe worked with local firms performing tax and audit work. Joe provides training and mentoring seminars to clients as well as to the Grassi staff, and has written articles pertaining to tax issues affecting construction companies.  In addition, Joe has taught a number of Master’s classes at Columbia University.

Grassi & Co. Promotes Construction Tax Leader to Partner

Jericho, NY — Leading accounting, tax and advisory firm, Grassi & Co., is proud to announce that Joseph Molloy has been promoted to Partner effective January 1, 2020.

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Drive More Tax Savings to Your Construction Business with the Fuel Tax Credit

One of the lesser known tax credits in the Construction industry is the fuel credit, which offers eligible contractors a dollar-for-dollar deduction of their company’s tax obligation.

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Tax Alert: 179D Deduction Extended for Energy-Efficient Buildings

The Energy-Efficient Commercial Building Deduction (179D) was extended through 2020 when the president signed the year-end government spending bill on December 20, 2019. This valuable tax deduction of up to $1.80 per square foot is achieved through the installation of energy-efficient HVAC, building envelope and lighting assets.

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Some Contractors Don’t Give Themselves Enough Credit

If you are a specialty contractor responsible for functions such as plumbing, HVAC, electric or sheet metal work, or if you are a contractor that performs value engineering, you may be able to take advantage of some often-overlooked tax incentives.

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What a Contractor Should Know About the Gross Receipts Test

One of the positives that came out of The Tax Cuts and Job Act is the change in the small contractor’s exemption of Average Annual Gross Receipts (AAGR) test from $10,000,000 to $25,000,000. 

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Your Company Has a Retirement Plan – Are You Meeting Your Fiduciary Responsibilities?

While you offer your employees defined contribution, defined benefit, health and welfare, or profit sharing plans, it is important to know that offering these plans also comes with responsibilities and risks for the sponsoring company and the trustees of the plans.  

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EAlert: NYS Enacts Tax Workarounds

On April 12th, Gov. Andrew Cuomo signed into law the New York State budget bill, that among other things, created an employer payroll tax and new charitable contribution funds to offset the impact of the $10,000 federal cap on state and local tax deductions under the Federal Tax Cuts and Jobs Act.

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EAlert: What a Contractor Should Know About Tax Reform

The Tax Cuts and Jobs Act (the Act), which the President signed on December 22, 2017, contains numerous provisions that could affect contractors at the corporate and individual levels.

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Accounting Methods for Construction Contracts

Joseph Molloy, Principal of Tax Construction Services, explains the different accounting methods available for construction contracts and the unique tax benefits of each one.

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Tax Incentives That Keep Money in Your Pocket

Tax season for 2015 has finally wrapped. Are you wondering if you should have gotten a bigger refund or if you over paid? One of the main challenges of any construction contractor is cash flow, after all cash is king, but what many contractors aren’t aware of are little tax incentives that can yield BIG savings. Three of the most lucrative incentives are: the Section 179D tax deduction, the Research & Development (R&D) tax credit, and the Cost Segregation Study.

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    BS, Queens College


    American Institute of CPAs (AICPA)

    New York State Society of Certified Public Accountants (NYSSCPA)

    Construction Financial Management Association (CFMA), NYC Chapter, Associate

    Contractors for Kids, Advisory Board
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