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Five Experts Help Contractors Put a Stop to Falling Profits….

"Caution: Your Bottom Line is Falling" was the panel discussion given to contractors on February 12, 2004 at the Poughkeepsie Grand Hotel, in Poughkeepsie, New York.

Forty contractors listened and learned from five experts from banking, insurance, law and accounting. Prior to our seminar, we polled local contractors and asked what issues they face today, and what our panel could do to help. Their input helped us engage the speakers and develop this panel discussion.

Tom Szczepaniak, Manager, Builder Development, Eastern NY Division of Charter One Bank discussed what banks are looking for when a contractor applies for a loan. The importance of having accurate books and up-to-date financial statements.

Charles Daniels, President of The Daniels Agency addressed the increasing cost of insurance, workers compensation and what is projected for the contractors in the future.

Allan Rappleyea, Jr., Partner at Corbally Gartland & Rappleyea, talked about the Labor Law and third party lawsuits. The importance of having completed contracts prior to job start-up. Each contract should be revised according to job specifications., not form contracts found in the local stationery store.

Michael Betros, CPA/PFS, Partner at D'Arcangelo & Co., LLP broached the tax issues facing the building trade. Mike discussed the different types of entities that can be elected together with the tax considerations that should be discussed with your accountant prior to election. He explained in detail the facts and gray areas regarding employee vs. independent contractor.

John J. Cina, Jr., CPA/PFS, Managing Partner at the Mid-Hudson offices of D'Arcangelo & Co., LLP. Jack discussed tax and planning tips relevant to the construction industry. He also discussed changes in the tax laws and how to prosper in 2004.

At the end of the presentation, the attendees posed questions to our experts with specific issues facing them. What an opportunity for the attendees to get answers to questions regarding their personal businesses from experts who would normally charge $150 -$300 an hour! And the advice was absolutely FREE. It was very gratifying to see the participation during this segment of the seminar.

If you would like more information regarding this seminar or information on future seminars/workshops, call Judy Tarpey, D'Arcangelo & Co., LLP at: 845-473-7774 ext. 121, via e-mail: jtarpey@darcangelo.com or log onto our website: www.darcangelo.com.

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