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Spotlight on Tax Managing Director Gerry McCarthy

Jan. 21, 2022, 2:00 PM

Our Spotlight series highlights the careers and lives of tax professionals across the globe. This week’s Spotlight is on Gerry McCarthy, Managing Director at CBIZ MHM, LLC in Boston, Mass. McCarthy has over 36 years of experience working in public accounting and industry, and is focused on providing tax consulting 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 the goalkeeper position in college soccer. He is never afraid to offer them advice for a position and a sport that he never played.

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

What’s your official title, and what does it mean? My official title is Managing Director in the Tax Group, focusing on servicing the insurance industry. In this role, I am responsible for delivering quality tax services, effective client management, and business development.

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

Tax is a huge subject. What’s your area of special interest? When clients or prospects have a new business issue, transaction, or product, I team with them to determine all of the tax ramifications and provide ideas and solutions that are efficient for tax and also effective for the business model.

What’s the last movie or show that you watched and loved (DVD, Netflix, or in the theater)? Although I have watched a lot of shows recently, “Ted Lasso” has to be the most clever. 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, in Babson Park, Mass., where I majored in accounting. Babson is known for developing an entrepreneurial skill set, which is very helpful in the consulting world.

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

What’s the best tax or financial advice that anyone ever gave you? Given my insurance background, I would have to say the advisers that pushed me to get the right life, disability, and long-term care insurance provided the best advice.

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

If you had the opportunity to make one change in the tax code—an extra 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 candy during tax season (or other busy time)? Peanuts and cashews are great during busy times.

What tax news or move made the most impact on your practice or clients this past year? Probably the changes in the net operating loss, or NOL, rules, since that required clients to revisit a lot of earlier decisions.

If Uncle Sam handed you a big tax refund check right now, what would you do with it? My family would really like a vacation home near the ocean. It certainly would keep my adult children coming around to visit.

You can find McCarthy on Linked In.

You can find out more about CBIZ on their website.

If you’d like to recommend a tax pro to be featured, send your suggestion to kerb@bloombergindustry.com with the subject: Spotlight. Please include the following information: tax professional’s name, title, email address, and geographic area (city/state/country).

To contact the reporter on this story: Kelly Phillips Erb in Washington at kerb@bloombergindustry.com

To contact the editor responsible for this story: Jeff Harrington at jharrington@bloombergindustry.com

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