A seasoned veteran at the firm and one of its most prominent leaders, Sandy joined SGKK in 1980 after spending two post-graduation years working at a boutique real estate accounting firm. When he was ready to make the move that would really launch his professional CPA career, Sandy interviewed at several firms but was most impressed with the approach of the partners at SGKK. Recognizing that he was still a rookie, nevertheless three partners participated during the interview process, taking the time to describe the firm’s unique real estate niche expertise and the benefits he would gain by becoming a specialist.
He joined the firm and through the years has grown to respect and appreciate the challenges faced by business owners who are a part of the real estate development and management sector. He addresses their needs by applying a broad range of skills, including combining both his experience across all facets of real estate, engaging regularly in a meaningful way with clients by utilizing knowledge of the real estate process and his depth of experience with individual, partnership and corporate taxation.
This unique combination of talents is especially critical in an industry whose leaders most often face tax driven decisions. Sandy brings his ‘big picture’ approach to a sector that is focused on taking a long term view, and the match is ideal.
Sandy contributes articles regularly to the New York State Real Estate Journal and has done extensive lecturing on tax and business matters impacting the real estate sector.
A graduate of Baruch College, he has been a member of the New York State Society of Certified Public Accountants Partnership Taxation Committee for more than 20 years and is the former chairperson of the Society's Subcommittee on the Internal Revenue Service's Real Estate Professional Regulations.
Sandy Klein at the 2015 NYC Real Estate Expo
For taxable years beginning in 2018, the Tax Cuts and Jobs Act (TCJA) signed by the President last year added a new limitation on the ability of taxpayers other than C corporations to deduct business losses.
The Tax Cuts and Jobs Act signed by the President on December 22, 2017 made a significant change in Code Sec. 163(j) for disqualified business interest paid or accrued. Before January 1, 2018, business interest expense deduction limitation generally was applied to businesses with loans from foreign related parties, such as a parent corporation or related subsidiary.
The recently passed and signed into law Tax Cuts and Jobs Act introduces a totally new concept which will, no doubt, attract much analysis and conjecture from professionals: A deduction of up to 20% of income derived from pass through entities.
The Bipartisan Budget Act of 2015 has replaced TEFRA with new partnership audit rules that will apply in 2018. Enacted by congress in 2015, these new rules generally apply starting with the 2018 partnership tax year for returns filed in 2019. Certain small partnerships (100 or fewer partners) may elect out of the new regime.
Costs incurred to acquire property are required by taxpayers to be capitalized. When a lease is terminated as part of a transaction to purchase a piece of property, taxpayer’s are generally required to capitalize the lease termination payment as part of the purchase price of the property.
When a taxpayer is faced with a pending foreclosure or a deed-in-lieu sale on investment or trade or business property, the taxpayer may be faced with a potential taxable gain when the property is “underwater.”
The IRS on October 5, 2016 published final (TD 9787), temporary (TD 9788), and proposed regulations (REG- 122855-12) providing guidance on the allocation of partnership liabilities under Section 752. The government also reproposed certain Section 752 regulations by introducing a new anti-abuse rule.
Many taxpayers have taken advantage of the like-kind exchange rules under Internal Revenue Code (IRC) section 1031 to defer income tax on the gain realized from the sale of qualified property. If the rules are followed, income tax on any gain realized is deferred until a subsequent sale f the property.
In June 2016, the IRS promulgated Revenue Ruling 2016-15. Its purpose (within the context of the exclusion of cancellation of debt income as it relates to qualified real property business indebtedness) is to make a keen distinction between real property developed and held for rental and real property developed and held for sale.
Internal Revenue Code Section 708(b)(1)(B) popularly known as technical termination of a partnership is distinguished from actual termination or end of the partnership (§708(b)(1)(A)). Thus, for federal income tax purposes, a partnership may technically terminate even though it actually continues to exist.
Voss involves unmarried domestic partners registered with the State of California who co-owned real property. Bruce Voss and Charles Sophy, the taxpayers, registered domestic partners, jointly purchased two homes in California and title was vested in both as joint tenants.
Rick Kaplan of the New York Real Estate Journal sits down with an interview with Sandy Klein. Sandy is a CPA at Shanholt Glassman Klein Kramer & CO. A seasoned veteran at the firm and one of its most prominent leaders, Sandy joined SGKK in 1980. Sandy contributes articles regularly to the New York State Real Estate Journal and has done extensive lecturing on tax and business matters impacting the real estate sector.
The Klein patriarch, raised on the Lower East Side by working-class parents, had just returned from serving in WWII. “I chose Baruch because of its reputation,” says the nonagenarian, who adds, “With my accounting degree, I knew I would be able to get a suitable job.” Suitable, indeed. After seven decades as a highly successful CPA, Bernard retired in 2013 at the age of 89.
NYREJ's Maxine Ramos with Sandy Klein, Certified Public Acct. at SGKK, at this year's NYC Real Estate Expo held at Columbia University on October 18, 2012.