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.
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.
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.
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.