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Quarterly News
August | 2022
E.J. Callahan & Associates Updates
Events
E.J. Callahan & Associates participates in the MassCPA Day of Giving every year, along with 650 accounting professionals across the state, serving the community through volunteer work. This year, the EJC team rolled up their sleeves and helped provide local children with the basic essentials they need to thrive at Cradles to Crayons!
The EJC team got together to kick off summer with a day of fun and games at Kings Dining & Entertainment.
With High Inflation and an Uncertain Stock Market, Do I Have Enough to Retire?

Current market conditions may be fueling doubts for people approaching retirement. For anyone in this position, here is a list of recommendations to begin the retirement planning process.
Out of the Black
Surviving Black Swan Event

"Black Swan Event" is a term coined by Nassim Taleb to refer to a rare, unpredictable event that has an extreme impact, such as the pandemic. Rather than trying to predict the next Black Swan, here are tips on how to prepare through a combination of good business sense, crisis preparedness and behavioral psychology.
The Construction Labor Shortage is Set to Intensify Over Next 6 Months

As inflation, federal spending, and an aging workforce combine to drive up the cost of building in the US, the shortage of construction labor will continue to increase. Wage growth is also likely as the demand for construction services increases with so few employees.
Congratulations
Congratulations to Alley DeGrace on completing her Masters of Science degree in Accounting from Bentley University.
Welcome to the Team
The partners at EJC welcomed Amanda Tallent and Samuel Vanasse to the team. Amanda joined as an Administrative Assistant and Sam joined as a Summer Intern.
EJC would like to welcome back Emilie Fiore for her second summer internship. We are pleased that Emilie will be joining the team full time upon graduation.
Check out our new website created in collaboration with Silver Tiger Consulting.
IRS Increases Mileage Rates Because of High Gas Prices
The IRS raised the standard mileage rates, used to calculate certain tax deductions for business and other uses of automobiles. Rates are typically adjusted for inflation annually, however, with rapid rising gas prices, the new rates took effect in the middle of the year, on July 1, 2022, and are effective until December 31, 2022. Tax deductions for business use of a vehicle, medical travel, and charitable use of a car are among the rates affected.

ABC’s Construction Backlog Indicator Rises in May, Contractor Confidence Falters

ABC produces the Construction Backlog Indicator, the only economic indicator that reflects the amount of work that will be performed by commercial and industrial construction contractors in the months ahead, and the Construction Confidence Index, a diffusion index that signals construction contractors’ expectations for sales, profit margins and staffing levels.