AT A GLANCE
506 Carnegie Center, Suite 400
Princeton, NJ 08540
Year founded: 1974
Number of accountants involved in commercial real estate in New Jersey: 47
Areas of expertise in real estate: Planning, structuring, tax credits, valuations, ESG, cost segregation, outsourced accounting, cybersecurity, digital and technology transformation, tax compliance and attest services.
OUR CLIENTS
Our favorite clients to work with are those who are entrepreneurial, passionate about what they do and seeking to grow. We work with clients ranging from individuals with real estate investments, to private funds that use “friends and family” money to expand their portfolio, to large real estate funds and REITs who are looking to work with a firm who is nimble, responsive and has the knowledge and expertise to service any size real estate entity.
OUR ADVANTAGE
Our professionals, from staff to partner, are entrepreneurial and understand the industry. The expectation of our professionals is that they get out in the marketplace, understand the biggest issues affecting our real estate clients and have the ability to communicate potential solutions. Our partners are those who roll up their sleeves and get very involved with our clients on a regular basis — listening, vetting issues, making recommendations and advising. Our 2,500 team members across the globe can address any business issue that challenges our clients, whether accounting-related or not.
ON THE HORIZON
The biggest opportunity for Withum is in the advisory services arena. With specialists focusing on non-traditional accounting firm offerings, we have the ability to help our current clients and prospects with services that help their businesses thrive, outside of traditional accounting services. The services that provide the most impact include cost segregation studies for upfront tax savings, outsourced accounting for back-office support as our clients struggle with their workforce, tax credits for immediate tax savings and real estate valuations for gifting and succession plan purposes.
PROJECT SPOTLIGHT
Withum’s real estate tax team was engaged by a new client to provide tax compliance and consulting services for a group of affordable housing communities with rental properties located across various states. The client came to Withum largely because they were undergoing a complex business roll-up of approximately 20 rental properties into one and needed Withum’s tax expertise to help them through the process. Withum was able to guide them from start to finish, reviewing formation documents, preparing short-year final tax returns, computing IRC Section 704(c) built-in gain/loss calculations, preparing special partner allocations, analyzing business interest expense limitations under IRC Section 163J, providing cost segregation studies, and preparing the roll-up entity’s consolidated federal and state tax returns. The project required multiple professionals in various disciplines to work together seamlessly to provide the client a full solution to their needs — timely, effectively and efficiently.
