So Sum Lee, CPA
PRINCIPAL — TAX
REAL ESTATE INDUSTRY LEADER
So Sum Lee is a Tax Principal at KROST. So Sum has over 25 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)
Education
- Bachelor of Arts in Business Economics with a Minor in Accounting, University of California, Los Angeles, 1996
Professional Affiliations
- Member of American Institute of Certified Public Accountants (AICPA)
- Member of California Society of Certified Public Accountants (CalCPA)
- Member of Real Estate Roundtable Associates Council
- Chair of KROST Real Estate Industry Group
So Sum's Thought Leadership

Update: IRS Extends Filing Deadline for California Storm Victims: Tax Relief Available
January 18, 2023The Governor’s office announced on January 13, 2023, that California will conform to the filing extensions granted by the Internal Revenue Service (IRS) for California storm victims. This means that filing and payment deadlines for affected individuals and businesses in California are extended to May 15, 2023. On January 10, the IRS announced tax relief Read the full article…

2022 Year-End Tax Planning Strategies for Businesses
December 12, 2022In the last few months of the year, it is important to consider year-end tax planning opportunities as many may provide both immediate and long-lasting financial benefits. This year has brought incredibly unique challenges and significant change. Businesses that have not yet explored year-end tax planning should take an immediate inventory of their situation to Read the full article…

Window to Make Portability Election is Extended to Five Years
July 29, 2022Since lifetime gift exemption has drastically increased by the Tax Cuts and Jobs Act (TCJA), which went into effect in 2018, considerably fewer people are subject to estate tax filing. According to the TCJA, for 2022, decedents with an estate valued less than $12,060,000 are not required to file an estate tax return. However, to Read the full article…

Fiscal Year 2023 Revenue Proposal: How Does the Biden Administration’s Proposal Impact the Real Estate Industry?
May 19, 2022Recently, the Department of Treasury released the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals. The proposals are built around the Build Back Better Act, passed by the House of Representatives on November 19, 2021, but were stalled in the Senate. If you are in the real estate space, it is important to Read the full article…

More on the State Tax Deduction Workaround (AB 150)
December 22, 2021Over the weekend, we received clarification regarding a couple of the many unanswered questions regarding the implementation of the State Tax Deduction Workaround. First, we are being advised that a Grantor Trust is eligible to participate in making the election to pay tax on a partnership/LLC or S corporation. Second, since it is unlikely that Read the full article…

Did You Miss Your State Tax Deduction?
December 16, 2021If you are a shareholder of an S Corporation, partner/member of a partnership/LLC, you might be able to get some of your state tax deduction back. As you may remember, the federal Tax Cuts and Jobs Act reduced the amount of the SALT deduction individuals can claim on their federal tax return to $10,000 starting Read the full article…

Tax-Saving and Advisory Services for the Real Estate Industry
November 30, 2021The real estate market can be volatile, full of risks and challenges. Real estate professionals should enlist an expert to ensure compliance and navigate the specifics of real estate tax and accounting. At KROST, we provide specialized real estate accounting services to a diverse range of clients in the real estate industry, including developers and Read the full article…

Going Green for the Green: Federal Tax Incentives for Energy Efficient Building
May 11, 2021This is one of the articles in the new KROST Quarterly Real Estate Issue, titled “Going Green for the Green: Federal Tax Incentives for Energy Efficient Building” by So Sum Lee There are several tax incentives available to the real estate industry. Whether you invest in, build, design, or make significant renovations to real estate, a Read the full article…

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 the full article…

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 the full article…