‌
Quarterly News
September | 2023
E.J. Callahan & Associates Updates
Awards
EJC makes Construction Executive's Top 50 Construction Accounting Firms List
E.J. Callahan & Associates is pleased to share we have ranked #45 on the Construction Executive’s list of The Top 50 Construction Accounting Firms in the United States! This is our fourth consecutive year making the list. A special thank you to our clients, team, friends and family that continue to make this possible.
EJC Honored with "Best Places to Work" Award by the Boston Business Journal
E.J. Callahan & Associates is honored to have made Boston Business Journal's "Best Places to Work" list. EJC members attended the carnival-themed award ceremony held at The Westin Copley to celebrate with fellow winners. A special thank you to our incredible team for making EJC such a great place to work, and to our clients for the continued support.
Events
Annual Summer Outing
The EJC Team got together for our annual summer outing at Cisco Brewery - Seaport for a special night of fun and team building.
News
Take Advantage of the Lifetime Estate and Gift Tax Exemption While you Still Can

The lifetime estate and gift tax exemption for 2023 deaths is $12,920,000. After 2025, the exemption will fall back to $5 million, adjusted for inflation, unless Congress agrees to extend the higher amount. The odds of any extension depend on which party controls the White House and Congress after the 2024 election. 

IRS Hiking Interest Rates on October 1st

The IRS has stated that interest rates will go up for the fourth quarter of 2023, which begins on Oct. 1. The last time the agency increased interest rates was for the first quarter of this year when the rate for tax overpayments and underpayments was 7% per year, compounded daily, up from 6% for Q4 2022. Interest rates had stayed the same in Q2 and Q3 of this year.

Here is a complete list of the new rates for Q4 2023:

  • 8% for overpayments (payments made in excess of the amount owed), 7% for corporations.
  • 5.5% for the portion of a corporate overpayment exceeding $10,000.
  • 8% for underpayments (taxes owed but not fully paid).
  • 10% for large corporate underpayments. 
New Prevailing Wage Rule Will Impact Construction Industry

The U.S. Department of Labor made big news on August 8 when it finalized a new wage calculation rule. It benefits construction workers on federally funded projects and is likely the most substantial overhaul to Davis-Bacon Act prevailing wage requirements in decades.
Welcome to the Team
EJC welcomed our Summer 2023 new hire class. We enjoy having you on the team and appreciate your dedication and commitment to helping our clients!

From left to right: Jacob Bennet, Kelly Miranda, CPA, Adam DiNapoli, Alexandria Crowley, Gavin Spadano, Jennifer Alvarez, Justin Bustamante, Cailey Bitto
ABC’s Construction Backlog Indicator Up in July, Contractors Remain Confident

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.