So Sum Lee, CPA
PRINCIPAL - TAX
REAL ESTATE INDUSTRY LEADER
So Sum Lee, CPA is a Tax Principal at KROST. So Sum has over 18 years of experience in public accounting and has a wide range of experience in Taxation, as well as servicing high-net-worth clients. So Sum’s area of expertise includes industries such as wholesale, real estate investments, and restaurants.
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.
Professional Experience
• KROST, Tax Principal (January 2019 – Present)
• KROST, Tax Director (September 2005 – December 2018)
• Hsu, Yim, Leung & Koo LLP (August 1996 – September 2005)
• Bachelor of Arts, Majoring in Business Economics with a Minor in Accounting, University of California, Los Angeles, 1996
Professional Affiliations
• Member of California Institute of Certified Public Accountants
• Member of American Institute of Certified Public Accountants
• Member of Real Estate Roundtable Associates Council
• Chair of KROST Real Estate Industry Group
So Sum's Thought Leadership

Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation
March 16, 2021This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation” by Elvira Frencillo and So Sum Lee The coronavirus has turned the world upside down. It has cost so many lives and caused agony to individuals and businesses. To … Read More

The Latest COVID-Relief Package – Time to go Green
January 27, 2021On December 27, 2020, Congress passed a $900 billion COVID-relief package, along with a $1.4 trillion spending package, that funds the government for the 2021 fiscal year. The spending bill includes several tax extenders; Section 45L tax credit for multifamily and residential developers, 179D tax deduction for commercial and government buildings, as well as 25C … Read More

Real Estate Related COVID Relief Under the Consolidated Appropriations Act (CAA)
January 14, 2021The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) as part of the Consolidated Appropriations Act, 2021 (the 2021 CAA) was signed into law on December 27, 2020. The CCA is a $2.3 trillion package that provides additional funding to the PPP program and includes several key provisions that … Read More

California Small Business COVID-19 Relief Grant Program
December 24, 2020As part of the assistance package that was announced by Governor Newsom in September 2020, the State of California is providing $500 million in grants to small businesses that are impacted by COVID-19. Small businesses with annual gross revenue of less than $2.5 million can receive up to $25,000 in the grant. There will be … Read More

Challenges Facing the Real Estate Industry in the Wake of COVID & the Election
December 15, 2020This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “Challenges Facing the Real Estate Industry in the Wake of COVID & the Election” by So Sum Lee It’s no question that the economy as a whole was (and continues to be) stressed by the COVID-19 pandemic. Now … Read More

California Small Business Hiring Tax Credit
November 20, 2020A lot of people lost their jobs in 2020 when businesses were forced to shut down or had to furlough their employees due to COVID. To help Californians get back to work, California’s governor signed a new tax bill to give tax breaks to small businesses that increased hiring during the second half of 2020. … Read More

KROST Quarterly Magazine: The Real Estate Issue is Now Available!
October 26, 2020We 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 … Read More

Business Tax Provisions – Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
April 16, 2020The Novel Coronavirus has had a huge impact all over the world. People in quarantine are forced to stay home, many kids are now homeschooled, and businesses are closed. To help Americans get through this crisis, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into effect on March 27, 2020. The … Read More

The Difference Between Tax Credits Provided by FFCRA and CARES Act
April 3, 2020During the coronavirus pandemic, helping Americans keep their job has been a major focus for Congress. Both the Families First Coronavirus Response Act (FFCRA), signed into effect on March 18, 2020, and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provide payroll-related credit to help small businesses to … Read More

Individual Tax Provisions – Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
March 30, 2020The Novel Coronavirus has had a huge impact all over the world. People in quarantine are forced to stay home, kids are now homeschooled, and businesses are closed. To help Americans get through this crisis, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into effect on March 27, 2020. The Act … Read More