Sax LLP, the Parsippany-based accounting, tax and business advisory firm, has named a new chief financial officer.
Accounting, tax and business advisory firm Sax LLP has announced the hiring of a new chief marketing officer and head of business development.
Sax’s Real Estate Practice works hand-in-hand with owners, developers, operators, property managers, landlords, investors, family-owned companies and privately-held funds to reach their business objectives. Those we serve are industry professionals that are not just looking for an average accountant, but rather a partner in their business lifecycle, strategic decisions and long-term goals.
A 1031 exchange (like-kind exchange) is one of the most significant tax advantages available to a real estate investor selling a property with large realized gains. By implementing this tax strategy, it is possible to defer tax payments on the sale of an investment property indefinitely. While like-kind exchanges are common, there are still many complexities to navigate. Given some of the proposed legislative changes put forth by the Biden administration and members of Congress, it may make sense to accelerate transactions into the 2021 tax year.
Sax LLP has bolstered its real estate team with the addition of a new partner, who returns to the accounting, tax and business advisory firm after starting his career there.
The IRS recently released long awaited guidance on Sec. 1031 (like-kind exchanges) and defines what property qualifies for the deferred tax treatment. With the enactment of Tax Cuts and Jobs Act (TCJA), rules provide that no gain or loss is recognized on the sale or exchange of “real property” held in a trade or business or for investment. Prior to the TCJA, “personal property” (like automobiles, machinery or equipment) applied for the deferral. This change means a real estate investor recognizes gain to the extent of money and personal property ineligible for the tax deferral.
In a region where more than half of the office buildings were built before 1990, so-called Class A space may no longer signify the highest tier of the market.
Sax LLP is set to move later this year to its new headquarters in Parsippany, where it’s leasing nearly 40,000 square feet within a revitalized office campus.
Sax LLP has entered into a joint venture agreement with a technology company, as it looks to bolster its own capabilities while enhancing services for clients.