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Spotlight on Chief Tax Officer Gerry McCarthy

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Spotlight on Chief Tax Officer Gerry McCarthy

Our Spotlight series sheds light on the careers and lives of tax professionals around the world. This week, Spotlight on Gerry McCarthy, Managing Director of CBIZ MHM, LLC in Boston, Mass. McCarthy has over 36 years of public accounting and industry experience, and is focused on providing tax advisory and compliance services to all segments of the insurance market.

McCarthy graduated from Babson College, where he played basketball, and now enjoys watching two of his three children play college football goalie. He is never afraid to give them advice for a position and a sport he has never practiced.

When he’s not working, McCarthy spends time with his wife, Beth, and their three children. He is also interested in Irish history and culture and enjoys spending his summers along the New England coast.

What is your official title and what does it mean? My official title is Managing Director of the Tax Group, focused on serving the insurance industry. In this role, I am responsible for the delivery of quality tax services, effective client management and business development.

Free time: book, audiobook or podcast? Historically, I’ve been a book reader, but during the pandemic my wife and I walked a lot and listened to podcasts together on our walks. One of our favorite podcasts is “The Happiness Lab”. I am now a big fan of podcasts.

Taxation is a big topic. What is your particular area of ​​interest? When clients or prospects have a new business problem, transaction, or product, I team up with them to determine all the tax ramifications and come up with ideas and solutions that are tax effective and also effective for the business model.

What is the last movie or show you watched and liked (DVD, Netflix or at the cinema)? Although I’ve watched a lot of shows recently, “Ted Lasso” has to be the smartest. It gets better with each episode. My favorite quote is, “Don’t bring an umbrella to a brainstorm.

What college did you attend and what did you study? I attended Babson College, Babson Park, Mass., where I majored in accounting. Babson is known for developing an entrepreneurial skill set, which comes in handy in the consulting world.

Pick up: Coffee or tea? I have to go with coffee, but if I need to read something complex, tea keeps me focused.

What is the best tax or financial advice someone has ever given you? Given my insurance background, I have to say that the advisors who pushed me to get the right life, disability and long term care insurance gave me the best advice.

If you weren’t in the tax field, what would your dream job be? Probably a journalist.

If you had the option of making one change to the tax code—an additional credit, a disallowed deduction, whatever—what would it be? I would suggest a tax credit that K-12 teachers would receive if they teach in underserved communities.

Favorite food, snack or treat during tax time (or any other busy time)? Peanuts and cashews are great during peak times.

What tax news or ruling has had the most impact on your practice or clients in the past year? Probably the changes in the net operating loss, or NOL, rules, since that required customers to revisit a lot of previous decisions.

If Uncle Sam handed you a big tax refund check now, what would you do with it? My family would really love a vacation home near the ocean. It would definitely entice my adult children to come visit.

You can find McCarthy on Linked In.

You can find out more about CBIZ on their website.

If you would like to recommend a tax professional to be listed, send your suggestion to [email protected] with subject: Spotlight. Please include the following information: name, title, email address and geographic area (city/state/country) of the tax professional.