saxllp

[saxllp]

April Sax Spotlight: Omar Nasif and Stuart Berger

Omar Nasif

Please join Sax as we shine our Employee Spotlight on Tax Associate, Omar Nasif. Omar joined the team at Sax in October of 2018 and has already accomplished so much in his professional and personal life. His biggest achievement has been graduating college with both a Bachelor’s and Master’s Degree. Omar’s strong work ethic and determination to the firm has been a great asset to have at Sax. He strives to learn something new every day and his long-term goal is to become a Partner in Sax’s Not-for-Profit Practice.

Since starting his career as an Accountant, Omar has developed a passion for the field and is creating a Tax Newsletter blog for people to utilize for a clearer understanding of the industry and its policies. Be on the look-out for Omar’s blog, coming soon!

Read our Q&A to learn more about Omar:

What college did you attend? What was your major?

I attended the City College of New York, where I received my Bachelor’s Degree in Business Administration and my Master’s Degree in Economics. After graduating from CCNY, I decided to go back to school at Queens College where I studied Accounting and received my second Bachelor’s Degree.

Do you have any credentials?

After obtaining my Bachelor’s Degree in Accounting, I received my Enrolled Agent Certification and I am currently studying for the CPA exam and taking the first part this summer.

When did you start working at Sax? 

I started working at Sax in October of 2018 as a Tax Associate.

What are your day-to-day responsibilities at Sax? What do you specialize in?

As a Tax Associate, I mainly prepare tax returns for all size businesses and individuals. I had a lot of individual 1040 experience under my belt before I came to Sax, so I have been specializing in that, which has been a great fit for me.

What are a few things you have learned at Sax?

The most important thing I have learned at Sax is how to perfect my business return skillset. The knowledge and support I have received from the employees at the firm have helped me strengthen my expertise.

Explain some of your biggest achievements in your career.

I’ve achieved a lot throughout my professional career so far, but I would say some of my biggest accomplishments have been learning from my mistakes and accepting constructive criticism from my peers. By being able to learn and grow from my mistakes, I have been able to develop a higher skillset and continue to do so every day.

Explain some of your biggest achievements in life.

My biggest life achievement is my academic career and being able to obtain two Bachelor’s Degrees and a Master’s Degree, all in six years. It definitely was not easy, but I learned so much throughout my college experience and I’m proud I was able to accomplish those goals at a young age.

Do you have a vision or goal for your career?

Throughout the next few years, I see myself advancing my career at Sax and hopefully becoming a Partner in the firm’s Not-for-Profit Practice. I’ve always wanted to work with the Not-for-Profit industry because I want to be able to help organizations achieve their mission as their trusted advisor.

What volunteer work and/or charities do you participate in?

I have been making annual contributions to St. Jude’s Children’s Research Hospital and Feed the Children since 2007. I always knew I wanted to give back to the community, so when I started to research different organizations I could get involved with, St. Jude’s and Feed the Children stuck out to me because of their mission to help children in need.

Are there any other interesting facts about you outside of your work life?

I am currently working on launching a Tax Newsletter blog, aimed towards people who are not in the accounting field. My goal with the blog is to give people a better understanding of the industry and it’s changing policies. Aside from my work life, I have a passion for photography and try to travel and take pictures as much as I can. More recently, I’ve been interested in becoming a life coach and give my family and friends life advice in my free time.

Stuart Berger, CPA

Sax is proud to shine our Employee Spotlight on Real Estate Partner, Stuart Berger, who has been with the firm for nearly 40 years. Stuart has come a long way since being hired at Sax in 1982. Some of his career milestones include becoming a Partner at the firm, founding the firm’s Real Estate Practice, and being named Managing Partner from 2008-2011. Stuart has prided himself on being his clients’ most trusted advisor and continues to instill the same values in the generations that follow him.

Throughout his time at Sax, Stuart has remained dedicated to the firm and his responsibilities and is proud of the career he has built. He has enjoyed his time at the firm and is glad Sax is where he chose to spend his career. Not only has he been very successful in his role at the firm, but he has made life-long relationships with his clients and the people he has worked with at Sax.

Read our Q&A to learn more about Stuart:

What college did you attend? What was your major?

I attended Syracuse University, where I received my Bachelor’s Degree in Accounting. Going into college, I was unsure of what I wanted to do with my future, so I declared undecided for my first year. During my sophomore year I had to take an accounting course, and it was then I realized I could see myself doing this for the rest of my life.

Do you have any credentials?

I received my CPA License right after I graduated college. It was not an easy exam to study for, but I stayed extremely focused on the end goal and was able to pass all four parts of the exam pretty quickly. I try to encourage the younger staff at the firm to study for it right after college, so they can get it over with.

When did you start working at Sax?

I started working at Sax in 1982 in the Audit Department.

What is your current title?

I am a Partner in the firm’s Real Estate Practice.

What are your day-to-day responsibilities at Sax?

My day-to-day responsibilities include creating and shaping a service team that serves our real estate clients. As a Partner, I oversee the team and make sure each individual client is getting the best service that we can provide. At Sax, we pride ourselves on being our clients’ #1 advisor, so my responsibilities also include building long-lasting and trustworthy relationships with my clients.

What are a few things you have learned here?

The most valuable thing I have learned throughout my career at Sax is that you must face business as an entrepreneur. In this field, you have to be willing to take risks and make difficult decisions. As an advisor, our clients come to us for advice daily and we must be able to think fast and strategically.

Explain some of your biggest achievements while working at Sax.

My entire career has been one big achievement for me. My most memorable accomplishments while at Sax were becoming a Partner and being promoted to Managing Partner for 4 years. Looking back, everything that has happened throughout my career has impacted my life in some way or another and I truly have enjoyed growing through my experiences and building life-long relationships with my clients and the people at the firm.

Explain some of your biggest achievements in life.

I am very proud of my family and everything my children have accomplished in their own lives.  Another big achievement of mine has been being able to give back to my community in various ways and remain active in my synagogue.

Do you have a vision or goal for the rest of your career?

When the time comes to retire, I would like to leave behind a team that can continue to successfully service our clients and be their most trusted advisor. Over the next few years, my goal is to educate the younger staff on as much as possible so they can also lead successful careers.

What volunteer work and/or charities do you participate in?

Eight years ago, I developed and helped bring to life Sax’s Annual 4 Miler at Garret Mountain, which benefits St. Joseph’s Children’s Hospital. Since beginning the race in 2012, we have raised over $400,000 for the children’s hospital and I am excited to see what’s to come for the future of the event.

Are there any other interesting facts about you outside of your work life?

Outside of work, I enjoy traveling with my wife and have visited 24 countries within the past 5 years, Israel and Jordan being the most recent ones. When I am not traveling, I like to collect model trains and try to golf as much as I can.

The post April Sax Spotlight: Omar Nasif and Stuart Berger appeared first on SAX.

from SAX https://www.saxllp.com/april-sax-spotlight-omar-nasif-and-stuart-berger/

[saxllp]

June 3 Deadline: Real Property Income & Expense Form (RPIE) Online Filing

The New York City Department of Finance needs income and expense information each year to value property accurately and fairly.  Most owners of income producing properties in New York City with Actual Assessed Values of greater than $40,000 (2019/20 Assessment Roll) must file a Real Property Income & Expense (RPIE) form or claim an exemption by June 3, 2019.

The online filing is completed through the New York City Department of Finance’s website unless you request and are approved to file a paper version. Failure to file the RPIE form will result in a penalty on the next real estate tax bill.  The penalty varies based on the 2019-20 Final Assessed Value of the property.

Owners that need to complete the full form can use the figures submitted from the March 2019 Tax Commission Filings (TC 201, TC 208) if they contested the assessed valuation of the property.  Certain owners can claim an exemption or not be required to file at all.

For any questions concerning the RPIE filing, such as whether you qualify for an exemption or are exempt from filing, please contact Sax’s Real Estate Practice at (646) 616-1601 or www.saxllp.com.

The post June 3 Deadline: Real Property Income & Expense Form (RPIE) Online Filing appeared first on SAX.

from SAX https://www.saxllp.com/june-3-deadline-real-property-income-expense-form-rpie-online-filing/

[saxllp]

IRS to Crack Down On Our Motti Deduction in 2019

The Treasury Inspector General for Tax Administration (“TIGTA”) recently issued a report titled “Tax Cuts and Jobs Act: Assessment of Implementation Efforts”.  The report recommended the IRS revise Form 1040, Schedule 1, to obtain additional information regarding divorce or separation agreements for the Tax Year 2019 and later.  IRS management agreed with this recommendation and plans to take appropriate corrective actions to review Form 1040, Schedule 1.

As anyone who works in the divorce community is aware, the Tax Cuts and Jobs Act repealed the deduction for alimony payments made pursuant to divorce or separation agreements entered into after December 31, 2018.  This created a vast influx of divorce cases running into the Courthouse to settle and sign agreements by December 31, 2018.

Currently, the IRS only requires the individual claiming an alimony deduction to provide the Taxpayer Identification Number of the individual who received the alimony payment.  Without the date of the alimony agreement, the IRS will be unable to determine whether individuals claiming an alimony deduction are eligible to do so.

The IRS stated their current plan for determining if the taxpayer is eligible for the alimony deduction claimed after December 31, 2018, is to program filters that evaluate a taxpayer’s filing history with regard to the alimony deductions prior to tax year 2019.  The volume of tax returns selected will depend on available resources and appropriate dollar thresholds.  The appropriate dollar thresholds were not disclosed.

Taxpayers who signed a divorce or separation agreement by December 31, 2018, began paying alimony in 2019 but made no alimony payments in 2018 may receive notices from the IRS requesting further information related to the divorce or separation agreement effectuated.

The Valuation, Forensic, Litigation team at Sax LLP are available to help support you and your clients with all financial matters related to the divorce process.

The post IRS to Crack Down On Our Motti Deduction in 2019 appeared first on SAX.

from SAX https://www.saxllp.com/irs-to-crack-down-on-our-motti-deduction-in-2019/

[saxllp]

Tax Alert: IRS Issues New Guidance For Qualified Opportunity Zone Investments

The Tax Cuts and Jobs Act (“TCJA”) established the Qualified Opportunity Zone (“QOZ”) program to encourage investment in economically distressed and low-income communities across the United States, District of Columbia and U.S. possessions. Qualified Opportunity Zone investments allow for temporary deferral of inclusion in gross income for capital gains invested in a Qualified Opportunity Fund (“QOF”) and the permanent exclusion of capital gains from the sale or exchange of an investment in the QOF.

Temporary Tax Deferral: Taxpayers may defer capital gains generated within 180 days of the sale of the underlying property by investing in a QOZ Fund.  The gain is deferred to the earlier of (a) the date of the sale of the QOZ Fund or (b) December 31, 2026.  Special rules exist when the capital gain is generated by a pass-through entity.

Permanent Tax Exclusions: Taxpayers who maintain ownership in the QOZ Fund for 5 years are eligible to receive a 10% step-up in basis, while taxpayers who maintain ownership in the QOZ fund for a total of 7 years are eligible to receive an additional 5% step-up in basis (i.e., 15% total basis step-up after the 7-year holding period is attained).  Additionally, by maintaining the investment for at least 10 years, qualifying taxpayers are not subject to tax on the appreciation of the investment.

While proposed regulations were originally issued in October 2018, taxpayers were left with many unanswered questions.  In response to this uncertainty, the IRS issued new proposed regulations on April 17, 2019 to provide further guidance to address various issues. The highlights of the new proposed regulations are as follows:

Clarification of the “substantially all” definition surrounding the holding period and business use of eligible QOZ business property;

Additional business eligibility requirements, including tests for determining whether appropriate levels of income are generated by an active trade or business for purposes of the 50% gross income test;

QOF Reinvestment Rules surrounding the reinvestment of proceeds from disposed QOF property;

Treatment of leased property;

Changes to the working capital safe harbor;

Detail of transactions that will require immediate recognition of previously-deferred investor gains; and

Treatment of IRC Sec.1231 gains

Sax LLP will provide a detailed analysis of the proposed regulations shortly.

Please contact your Sax advisor or Michael Benguigui at mbenguigui@saxllp.com to discuss any questions you may have regarding investments in Qualified Opportunity Zones.

The post Tax Alert: IRS Issues New Guidance For Qualified Opportunity Zone Investments appeared first on SAX.

from SAX https://www.saxllp.com/tax-alert-irs-issues-new-guidance-for-qualified-opportunity-zone-investments/

[saxllp]

May 16 CFO Focus: The Right Accounting System for Your Organization

The way we do business has changed drastically over the last 10 years.  Has your accounting system kept up? Companies today have relationships with many types of customers and vendors.  Each type can result in a different Order-to-Cash or Purchase-to-Pay process, making it impossible to manage accurately and efficiently without proper data validation and controls.  Business has been further complicated by off-shore purchasing, outsourced manufacturing, use of third-party warehouses, EDI and eCommerce.  If you have a plethora of spreadsheets and paper processes, you have outgrown your accounting system.

On Thursday, May 16, Korey Lind, CEO of Third Wave Business Systems – a SAP Gold Partner – will discuss Cloud vs. On-Premise deployment options, calculating ROI and Total Cost of Ownership, and how the correct system is a strategic business tool that will help operate and grow your company.

Topics will include:

Steps to take before selecting your deployment option

Primary differences between deployment options

Four common misconceptions surrounding ERP deployment

Private cloud vs. multi-tenant/public cloud

ERP pricing options

Selecting an ERP partner versus an ERP vendor

Thursday, May 16 |   8:00-10:30 AM

Sax LLP Headquarters

855 Valley Road, Fl. 3 | Clifton, NJ

Korey Lind, CEO of Third Wave Business Systems 

With over 40 years of experience helping companies select and implement accounting and ERP solutions, Korey founded Third Wave Business Systems over 22 years ago with the goal of helping companies thrive by making their accounting system one of their strategic business tools.

To register, please click HERE or contact Jessica Peralta at jperalta@saxllp.com or (973) 554-6103.

CPE credits are available and breakfast will be served. 

The post May 16 CFO Focus: The Right Accounting System for Your Organization appeared first on SAX.

from SAX https://www.saxllp.com/may-16-cfo-focus-the-right-accounting-system-for-your-organization/

[saxllp]

Does Your Construction Business Have a NY or NJ Sales/Tax Issue?

Does your construction business perform services in New York or New Jersey or both? Have either of these state taxing authorities conducted a sales and use tax exam on your business?

New York and New Jersey have been actively examining construction businesses and the stakes can be very high if sales or use taxes have not been properly paid. Proactively looking at purchases, sales, and company procedures for obtaining exemption certificates have minimized taxes paid by our construction clients.

We have identified below some of the top questions raised during exams that have allowed us to identify potential foreseeable issues:

Does your business regularly obtain fully complete capital improvement certificates from owners or lessors on new construction projects?

Do you charge sales tax on repair, maintenance, landscaping or fire alarm services?

Do you pay sales tax when you rent equipment, even on jobs for the government?

Does your company buy products in NJ and deliver them in your own trucks to a tax-exempt job in New York?

Did you purchase security services at your construction site and not pay sales tax on these purchases?

Did a vendor sell software for business use in NJ or NY and not charge sales tax on a taxable sale?

Do you pay sales tax on tools and supplies?

Are you registered for sales tax in NY or NJ? Registering for sales tax can be important because it can limit the number of years that a taxing authority can assess taxes.

After reviewing these issues, fell free to contact your Sax advisor or Peggy Tilles at ptilles@saxllp.com with any questions.

The post Does Your Construction Business Have a NY or NJ Sales/Tax Issue? appeared first on SAX.

from SAX https://www.saxllp.com/does-your-construction-business-have-a-ny-or-nj-sales-tax-issue/

[saxllp]

Sax Wealth Advisors Adds The Practice of Stuart B. Herrmann CFP®, CPA To Expanding Team of Wealth Advisors

Clifton, NJ, April 1, 2019 –––– Sax Wealth Advisors LLC, an independent registered investment advisory firm with offices in Clifton, NJ, Pennington, NJ and New York City, has announced the addition of Stuart B. Herrmann, CFP®, CPA as Wealth Advisor effective April 1, 2019.

Previously, Stuart served as an Investment Advisor Representative and Chief Compliance Officer at Chadwick Wealth Management, LLC, based in Fair Lawn, NJ and has over 35 years of experience in the finance, accounting and insurance industries.  Stuart is a Certified Financial Planner

practitioner, and a Certified Public Accountant.  Stuart has served the wealth management needs of individuals and businesses, specializing in investing principles and strategies, retirement investing and distribution strategies, estate conservation issues, and risk management analysis.

“I am very much looking forward to continuing to serve and nurture my long-standing client relationships under the Sax Wealth Advisors banner,” said Stuart Herrmann.  “I firmly believe in the principles and investment philosophies that Sax Wealth Advisors follow and intend to utilize our combined expertise to best serve our clients.”

With the merge of Stuart B. Herrmann’s practice, Sax Wealth Advisors now provides guidance on approximately $1.150 billion of collective assets.

“Stuart Herrmann’s high standards of professional integrity and client service makes him a great fit for Sax Wealth Advisors,” said Kyle Stawicki, Partner-in-Charge of Sax Wealth Advisors.  “He has greatly demonstrated results and expertise and will prove to be a vital asset to the firm.”

Stuart is currently serving on the Boards of Fair Lawn Rotary, The Rotary Foundation of Fair Lawn, Inc., Fair Lawn Chamber of Commerce Inc., and the Fair Lawn Economic Development Corp. He previously served on the Boards of the Fair Lawn Jewish Center, Library Board and The Radburn Association.

About Sax Wealth Advisors LLC

Sax Wealth Advisors is an independent registered investment advisory firm offering financial services built on integrity and meaningful client relationships. With offices in Clifton, NJ, Pennington, NJ and New York City, the firm provides customized investment and financial solutions for individual wealth management and employer retirement plans. Sax Wealth Advisors is a wholly owned subsidiary of accounting and consultancy firm Sax LLP. For more information, visit www.saxwa.com.

The post Sax Wealth Advisors Adds The Practice of Stuart B. Herrmann CFP®, CPA To Expanding Team of Wealth Advisors appeared first on SAX.

from SAX https://www.saxllp.com/sax-wealth-advisors-adds-the-practice-of-stuart-b-herrmann-cfp-cpa-to-expanding-team-of-wealth-advisors/

[saxllp]

Mid-Atlantic Real Estate Journal: The Best of 2018

Sax was named the “Best Accounting Firm”, a “Best Place to Work”, a “Fastest Growing Firm”, “Best at Giving Back” and “Best Technology Firm” in The Best of 2018 issue by Mid-Atlantic Real Estate Journal.

Read the full article HERE.

The post Mid-Atlantic Real Estate Journal: The Best of 2018 appeared first on SAX.

from SAX https://www.saxllp.com/mid-atlantic-real-estate-journal-best-of-the-best-2018/

[saxllp]

A New Effectiveness Movement for Nonprofits: Obtaining and Responding to Beneficiary Feedback

As a nonprofit, you are familiar with donor facing platforms such as Charity Navigator, BBB Wise Giving Alliance and Candid (formerly GuideStar) which serve as rating agencies for the nonprofit sector. These platforms are informed by financial, governance, and program related data that nonprofits report on themselves as donors explore these sites to identify issues and organizations they wish to support.

What’s been missing?  Today, there is a movement to obtain feedback directly from the beneficiaries of a nonprofit’s services and products to get a full, 360-degree view of an organization’s impact.  One method for sharing this data is through a new Organization Self-Reflection Framework on feedback practice that will be published on donor facing platforms before Giving Tuesday this year.

Please join Sax’s Nonprofit Group on Tuesday, May 7 as we gather for a panel with “The Irritants” and get a first-hand look at the new proposed feedback reporting process.  The Irritants is a group of like-minded nonprofit leaders who have banded together on their own volition to provide nonprofits with the knowledge and tools to collect feedback from constituents as a means to improve nonprofit service delivery and reporting on program results.

The discussion will include:

The importance of beneficiary feedback in program evaluation and improvement

An early look at the framework being published on donor facing platforms

An understanding of how the framework will be incorporated on donor facing platforms

An opportunity to provide questions and feedback on the reporting process

Panelists:

Michael Thatcher, President & CEO of Charity Navigator

Mari Kuraishi, President of The Jessie Ball duPont Fund

Art Taylor, President & CEO of org

Sasha Dichter, Chief Innovation Officer at Acumen

Brad Dudding, Chief Impact Officer at The Center for Employment Opportunities

Tuesday, May 7 || 8:00 – 10:30 am

Vanderbilt Suites || 200 Park Ave, New York City

For questions or more information, please contact Jessica Peralta at jperalta@saxllp.com or (973) 554-6103.

The post A New Effectiveness Movement for Nonprofits: Obtaining and Responding to Beneficiary Feedback appeared first on SAX.

from SAX https://www.saxllp.com/a-new-effectiveness-movement-for-nonprofits-obtaining-and-responding-to-beneficiary-feedback/

[saxllp]

March Sax Spotlight: Louis Calamunci and Bob Hopper

Louis Calamunci

This month, Sax LLP would like to shine our Employee Spotlight on Louis Calamunci, a Senior Tax Associate who joined our team in October 2018.  After graduating high school, Louis went to culinary school but quickly had a change of heart and decided to explore a different field. At 22 years old, Louis was accepted to Kean University where he received his Bachelor’s Degree in Accounting. Louis instantly impressed his co-workers and the firm in his short time here with his strong work ethic and commitment to a job well done.

Louis stays busy and focused at work, but on his days off he dedicates most of his time and energy to studying for the CPA exam.  Receiving his CPA License is one of his primary goals and he is eager to advance his career at Sax.

Read our Q&A to learn more about Louis:

What college did you attend? What was your major?

I went to Kean University, where I received my Bachelor’s Degree in Accounting. However, I originally went to culinary school to become a professional chef. Although I do love to cook, I quickly changed my mind after realizing I did not want to do it as a career and as crazy as it sounds, accounting is much more enjoyable for me on a day-to-day basis, and I’m glad I made that decision.

Do you have any credentials?

I’m currently studying to receive my CPA License. I’ve been dedicating a lot of time to studying and prepping for the exams, and I recently passed one part which was very exciting, but I have a long way to go.  I’m hoping to pass all four parts of the exam by the end of this year. My advice to anyone studying for their CPA is to really dedicate yourself to your studies and to remain focused on the end goal.

When did you start working at Sax?

I started working at Sax in October 2018.

What is your current title?

I am a Senior Tax Associate.

What are your day-to-day responsibilities at Sax? What do you specialize in?

I’m a general tax associate, so I don’t specialize in any specific niche, but I get my hands in all the industries we work for, depending on who needs my help. Generally, my day-to-day responsibilities include preparing tax returns that I get assigned to. Most of the returns I receive are m

ore complex and can take between 10-25 hours to finish, so I can be working on a single return for a couple of days.

Explain some of your biggest achievements in life.

So far, my biggest achievement was graduating college and obtaining my degree. Although that was a huge accomplishment for me, I know there is many more goals I will accomplish in the future, such as obtaining my CPA and advancing in my career.

Do you have a vision or goal for your career?

My number one priority is to pass all four parts of the CPA exam. My long-term goal is to learn as much as I can, move up the ladder, and advance my career here at Sax.

Are there any other interesting facts about you outside of your work life?

I just adopted a Mini Golden Doodle from Idaho and named him Tater, which I found relevant considering he is from the potato state.  When I’m not working or taking care of my dog, I enjoy cooking and hanging out with my family and friends.

Robert Hopper

Please join us in shining our monthly Sax Spotlight on Manufacturing and Distribution Partner, Bob Hopper, who has been with the firm for almost 30 years. Bob was the Partner-in-Charge of the firm’s M&D niche for 25 years and continues to advise clients on growing their businesses and increase efficiencies.  As a member of Sax’s Executive Committee, Bob is responsible for the upwards direction of the firm and enforcing our high standards for client service.

Bob demonstrates hard work and dedication to his clients and his responsibilities. He has watched Sax grow from the ground up and is proud to have been part of the process. During his time as M&D niche leader, Bob was instrumental in growing the group, and today it is the largest niche in the firm from a revenue standpoint. He credits Sax for teaching him the importance of being his clients #1 advisor and works to transfer that knowledge to the next generation of firm leaders.

To learn more about Bob, read our Q&A here:

What college did you attend? What was your major?

I attended Rutgers University in Newark and received my Bachelor’s Degree in Accounting. I actually started out as a Mathematics major, but it did not take me long to switch to Accounting, which was a much better fit for me.

Do you have any credentials?

After college, I began studying for the CPA exam and eventually received my license, which is a crucial component of any accountant’s career.

When did you start working at Sax?

I started working at Sax in June of 1981. Back then, there was only about 25 employees at the firm, consisting of about 8 Partners and the rest were Associates. It’s been great to see the firm grow so much from my first year here.

What is your current title?

For the past 25 years, I was the Partner-in-Charge of the Manufacturing and Distribution niche. This past year, I stepped down as niche leader, but I still serve a Partner in the niche group.

What are your day-to-day responsibilities at Sax? What do you specialize in?

As a Partner, it’s my job to make sure we are adding value to our client relationships and developing the next generation of advisors. My day-to-day responsibilities revolve around servicing clients and giving them the best we have to offer. I also serve as a member of the Executive Committee for the firm, which handles corporate governance, Partner matters and strategy for the firm.

What are a few things you have learned here?

As an Accounting major in college, after graduating I assumed I was going to be working with numbers for the rest of my life, but Sax quickly taught me that being an Accountant goes far beyond the numbers.  Some of the most important lessons I have learned throughout my career are how to form long-lasting relationships with clients, how to be able to think quickly on my feet to make the right decisions for the team, and how to be prepared for situations that are unexpected but need to be handled.

Explain some of your biggest achievements in your career.

My biggest achievement throughout my career is when I became a Partner at Sax. I was one of four people who got promoted to Partner at the same time, which was a big deal because we were so small at the time. That was a clear indication that the firm was growing, and I was excited to be a part of the milestone.

Explain some of your biggest achievements in life.

I am proud of myself for being able to have a successful career and be a hands-on father at the same time. Balancing work and personal life is not easy, but I was able to find a way to run a business and raise three children.

Do you have a vision or goal for your career?

My overall goal is to finish my time at Sax on a positive note, knowing I have serviced my clients and the firm as best as I could. When the day comes for retirement, I would like to spend as much time as I can with my family and I would love to become a vintage car enthusiast and eventually buy one for myself.

Do you frequently speak at events or publish articles to demonstrate expertise?

I have written articles for NJBIA, CIANJ and NJCPA on various topics, and I speak at our annual M&D Industry Update panel event every year.

Are there any other interesting facts about you outside of your work life?

During the summer, I enjoy going down to our family shore house in Long Beach Island. I try to spend as much time with my family as I can on my days off, and going to our beach house is a great way to relax and enjoy each other’s company. I also enjoy playing golf with my friends and traveling with my wife.

The post March Sax Spotlight: Louis Calamunci and Bob Hopper appeared first on SAX.

from SAX https://www.saxllp.com/march-sax-spotlight-louis-calamunci-and-bob-hopper/

[saxllp]

The Impact of Tariffs & Duties on Today’s Economy

In addition to the income tax impact associated with the provisions of the Tax Cuts & Jobs Act, businesses and their owners have been recently forced to consider the short-term and long-term implications of the potential increase in tariffs and duties on goods imported to the United States.  Furthermore, actions taken by foreign jurisdictions to alter the tariffs and duties placed on goods exported from the U.S. must also be considered.

The Future of Tariffs and Duties

Tariffs and duties are basically an additional tax placed on goods imported into a particular country.  While planned increases in tariffs and duties surrounding steel and aluminum imported into the U.S. have received much of the attention from the press in recent months, these additional taxes are imposed on a number of different goods.  The importer of record typically pays the tariff, with the end-user of the imported good generally impacted by an increase in cost.  Be it a manufacturer or a construction company purchasing materials from overseas vendors or an individual buying the latest electronic gadget, the increase in costs is likely to wind up with the end-user.

Impact on the Economy

The U.S. federal government has sought to close the perceived competitive disadvantage due to relatively low-level tariffs and duties imposed on domestic imports, in comparison to the tariffs and duties imposed on goods exported to foreign jurisdictions. While the needle is still moving in terms of where the import and export tariffs and duties will ultimately land, the global economy is clearly impacted.  From a U.S. perspective, proponents of the tariff system argue that the economy benefits from the taxation of imports, as the increased duties that foreign exporters would face provides a competitive advantage for domestic providers who are not subject to similar fees.  Opponents of the system argue that a tariff and duty system limits competition, as purchasers have a smaller supply of vendors to choose from.  Additionally, the trade agreements in place between countries throughout the world have received expanded scrutiny, as the governmental agencies look to renegotiate current tariff and duty policies in place to avoid an increase in the scope and amount of these costs.

What’s Next?

Since the idea of an increase in domestic tariffs and duties was first introduced, there has been a lot of political banter as nations across the globe have sought to negotiate or re-negotiate trade agreements to stem the tide of higher costs to do business worldwide.  With the threat of large increases to the tariff and duty system as a backdrop, we have seen the recent replacement of the North American Free Trade Agreement (“NAFTA”) with the U.S.-Mexico-Canada Agreement (“USMCA”), signaling a significant shift in some of the trade policies and provisions shaping the global economy.  While the USMCA is still awaiting ratification, this agreement could be a precursor to renegotiated agreements with and between other countries. As the U.S. government, along with their foreign counterparts, weigh the consequences of trade agreements vs. tariffs and duties, the situation bears watching, as taxpayers across all industries will certainly be impacted.

Stephen J. Ehrenberg, CPA, MBT is a newly named Partner of Sax LLP and a member of the firm’s Manufacturing and Distribution Practice, providing 19 years of industry expertise in the areas of corporate, pass-through and individual tax compliance and consulting, as well as accounting for income taxes.  He can be reached at sehrenberg@saxllp.com.

The post The Impact of Tariffs & Duties on Today’s Economy appeared first on SAX.

from SAX https://www.saxllp.com/the-impact-of-tariffs-duties-on-todays-economy-2/

[saxllp]

New Jersey Now Mandates Pre-tax Transit Benefits For Employees

New Jersey Governor Phil Murphy signed S1567 into law, requiring employers of 20 or more employees to offer a pre-tax transportation fringe benefit to their employees, covering commuter highway vehicle (vanpools) and mass transit costs. This mandate does not include parking.

The pre-tax benefit would allow employees to set aside a certain amount of pre-taxed income for transportation services to and from work.  New Jersey is the first state to mandate this benefit to employees.

Governor Murphy stated, “Providing this pre-tax benefit to commuters throughout our state will reduce the financial burden of fares and parking costs, resulting in significant savings.”

The new law will take effect on March 1, 2020, or the effective date of the regulations to be adopted by the New Jersey Department of Labor & Workforce Development – whichever is first.  Employees found noncompliant may be assessed a civil penalty of $100 to $250 for the first violation, and then an additional $250 penalty each additional 30-day period the employer is noncompliant.

The New Jersey Department of Labor and Workforce will adopt rules and regulations concerning the administration and enforcement of the pre-tax benefit.  Sax will continue to keep you updated as new details emerge.

For questions on this pre-tax benefit, and how it may impact your business, please contact a Sax Advisor at 973-472-6250 or www.saxllp.com.

The post New Jersey Now Mandates Pre-tax Transit Benefits For Employees appeared first on SAX.

from SAX https://www.saxllp.com/new-jersey-now-mandates-pre-tax-transit-benefits-for-employees/

[saxllp]

Breakfast Workshop: Nonprofit Board and Executive Leadership

Leading accounting, tax and advisory firm, Sax LLP has partnered with Dennis C. Miller of the Nonprofit Search Group and the Board and Leadership Institute for a Breakfast Workshop aimed at professionals who serve on nonprofit boards, nonprofit executive leaders, foundation executives, and others interested in the nonprofit community.

Please join us on Thursday, May 16 and walk away with meaningful takeaways designed to empower your leadership team and drive growth and success within your nonprofit organization so your mission can continue to flourish and thrive.

Thursday,  May 16, 2019 | 8:00-10:00 AM

Park Avenue Club | 184 Park Ave, Florham Park, NJ

Agenda:

8:00 am:        Hot Buffet Breakfast

8:30 am:        Welcome

Dennis C. Miller, Founder & President, The Nonprofit Search Group and Board Leadership Institute

Todd Polyniak, CPA, Partner and Head of the Not-for-Profit Practice, Sax LLP

9:00 am:        Presentations

Dennis C. Miller: Leadership Succession Planning for Nonprofits: Are Your Really Prepared?

Todd Polyniak, CPA:Questions that Board and Executive Directors should be asking about their nonprofit organization’s finances and financial statements

9:45 am:        Questions & Answers

Registration expires on May 12 and is required in advance. 

$40 per person.

All attendees will receive a copy of Dennis C. Miller’s book, A Guide to Recruiting Your Next CEO:  The Executive Search Handbook for Nonprofit Boards.

For any questions, please contact Jessica Peralta at jperalta@saxllp.com or 973-472-6250.

The post Breakfast Workshop: Nonprofit Board and Executive Leadership appeared first on SAX.

from SAX https://www.saxllp.com/breakfast-workshop-nonprofit-board-and-executive-leadership/

[saxllp]

New Jersey to Vote on Contribution Deduction

The New Jersey Senate will vote this Monday, March 25 on legislation (S-2179) that would allow New Jersey taxpayers to deduct charitable contributions from their state income taxes made to a “qualified New Jersey-based charitable organization” equal to the amount that is allowable as a charitable deduction under federal income taxes.

This would be great news for nonprofit organizations as it was believed that the not-for-profit community would feel a big impact in terms of future funding as a result of the tax law changes.  These changes on the individual level include limiting state and local tax deductions and nearly doubling the standard deduction and the estate and gift tax exemptions, which could leave not-for-profits witnessing cutbacks in donations.

Through this new legislation, a taxpayer would not need to itemize on their federal return in order to claim the state deduction and would provide needed relief to nonprofits by allowing New Jersey taxpayers to deduct contributions made to New Jersey-based charitable organizations.

For more information and/or questions with regards to this proposed legislation, or changes impacting the nonprofit community overall, feel free to reach out to Sax’s Not-for-Profit Practice.

The post New Jersey to Vote on Contribution Deduction appeared first on SAX.

from SAX https://www.saxllp.com/new-jersey-to-vote-on-contribution-deduction/

[saxllp]

2018-2019 Year in Review

We are proud to share our 2018-2019 Year in Review which highlights the evolution of our firm, our expanding management team, our added service lines, and more.  There was much to celebrate this banner year, and even more to look forward to as we focus on our future ahead.

Take a look back at Sax’s 2018-2019 year:

The post 2018-2019 Year in Review appeared first on SAX.

from SAX https://www.saxllp.com/2018-2019-year-in-review/

[saxllp]

CIANJ: Sax named a “Company that Cares”

Sax LLP was named a “Company that Cares” by Commerce and Industry Association of New Jersey and recognized as a New Jersey company that is committed to giving back to the communities we serve.

Click HERE to read the full article.

The post CIANJ: Sax named a “Company that Cares” appeared first on SAX.

from SAX https://www.saxllp.com/cianj-sax-named-a-company-that-cares/

[saxllp]

Commerce Magazine: Susan Reed of Healthcare Practice Highlighted

Susan E. Reed, CPA, CFP® was highlighted in COMMERCE MAGAZINE with her blurb on how our Healthcare practice has assisted clients to build value by helping them to create a Management Services Organization (MSO).

Please click HERE to read the full article.

The post Commerce Magazine: Susan Reed of Healthcare Practice Highlighted appeared first on SAX.

from SAX https://www.saxllp.com/commerce-magazine-susan-reed-of-healthcare-practice-highlighted/