We are happy to announce the release of our newest quarterly magazine!

The Real Estate Issue highlights some of the hot topics in real estate including 1031 Exchange, Cost Segregation, Opportunity Zones, Qualified Improvement Property, Delaware Statutory Trusts, and Green Building Tax Incentives.

What You’ll Find Inside this Issue:

  • Challenges Facing the Real Estate Industry in the Wake of COVID & the Election By So Sum Lee, CPA
  • A Deeper Dive into the Unintended Consequences of the Proposed Section 1031 Regulations By Jonathan Louie, CPA, MST
  • Opportunity Zones and Cost Segregation Guest Contributor: Artur Babaian
  • Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation By Elvira Frencillo, CPA & So Sum Lee, CPA
  • Not Sure Where to Find Real Estate Diversification? By Phil Clark, CFP®
  • Going Green for the Green: Federal Tax Incentives for Energy Efficient Building By So Sum Lee, CPA

Introducing KROST’s Real Estate Team:

Gregory Kniss, CPA, is the Managing Principal of KROST. Greg has been actively involved with the firm’s business consulting and tax practice for over 37 years. He is the Managing Principal of KROST and its sister company KBKG with 14 Principals and approximately 150 total team members in (8) eight offices around the country (Pasadena, CA, Woodland Hills, CA, Valencia, CA, West Los Angeles, CA, New York City, Chicago, Dallas, and Atlanta).

So Sum Lee, CPA, is a Principal at KROST. She has over 18 years of experience in public accounting and has a wide range of experience in Auditing, Accounting, and Taxation, and is also the head of our Real Estate industry niche. So Sum has a degree in Business Economics with a minor in Accounting from the University of California, Los Angeles. She is also a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants.

Scott Gilmore, CPA, MST, contributes to his client’s success in any capacity necessary, and enjoys his role as a trusted advisor. Scott takes a personal interest in each of his clients to ensure that their needs are being met at all times.

Phil D’Amico, CPA functions in all areas of accounting with a specialty in real estate transactions and accounting. He received his undergraduate degree from Loyola Marymount University.

Jonathan Louie, CPA, MST, is a Tax Manager at KROST and has over 11 years of experience in public accounting. Prior to joining our firm, Jonathan serviced high net worth musicians and entertainers working for a mid-sized business management CPA firm in Encino, California.

Elvira Frencillo, CPA, is a Tax Manager at KROST. She has 25 years of Accounting, Financial and Taxation experience in both public and private industries. She has been in the public accounting for over 11 years.

Jose Calles, CPA, is Tax Manager at KROST and has over 15 years of experience in public accounting. Jose’s areas of expertise include federal and multi-state tax compliance and consulting for high net worth individuals, partnerships, and corporations.

Phil Clark is the practice leader of KROST Wealth. He is a CERTIFIED FINANCIAL PLANNER™. As a CFP® professional, Phil is held to the utmost standards of ethics and professional responsibility required by the designation.

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