Q4 2024 BUZZ

THE BUZZ The latest and greatest happenings at

SAX resources CEO & MANAGING PARTNER Joseph A. Damiano CPA EXECUTIVE BOARD Joshua Chananie CPA Joseph A. Damiano CPA Shivani Jain CPA, MST Ermal Luzaj CPA, MBA Joseph Shannon CPA/ABV, CFE Kyle Stawicki ChFC® OFFICE LEADERS Parsippany, NJ Joseph A. Damiano CPA Ewing, NJ Jeremy Rhen CFP® New York City, NY Lisa Goldman CPA, M.TAX, TEP Mumbai, India Shivani Jain CPA, MST RISK MANAGEMENT W. Michael Curry CPA, CCIFP Vincent Flanagan Christopher Gaffney CPA, MST Trevor Hodges Shivani Jain CPA, MST Rob Owen Michael Rolls Albert Traverso CPA

FIRM OPERATIONS Chief Financial Officer Nicholas Valentini Chief Human Resources Officer Christine Brennan-Savino Chief Information Officer Rob Owen Chief Marketing Officer/ Head of Business Development Leon Grassi Chief Operating Officer Michael Rolls Chief Operations Officer and Chief Compliance Officer - SWA Trevor Hodges Director of IT Operations Tom Hughes Director of Learning & Development Nick Romanowski Director of M&A Peyton Bowman, MBA Director of Marketing Margaret Henn Director of Quality Control Akram Soliman CPA

SAX resources CHARITABLE FOUNDATION BOARD Lauren Frary MA Candy Gordon-Geanoules CPA Carolyn Lanza Helena Lynch CPA, MST Jennifer L. Moroz CPA Deborah Nappi CPA, MST Michael Rolls Peter Scalise Marqus White CPA SERVICE DIRECTORY Accounting + Auditing Albert Traverso CPA P: (973) 472-6250 E: atraverso@saxllp.com Cannabis Todd W. Polyniak CPA P: (973) 554-6164 E: tpolyniak@saxllp.com Client Accounting Services Jordan Goldman P: (212) 661-8640 E: jgoldman@saxllp.com Construction Ermal Luzaj CPA, MBA P: (973) 554-6174 E: eluzaj@saxllp.com

Consumer Products Joshua Chananie CPA P: (973) 554-6160 E: jchananie@saxllp.com Employee Benefit Plan Audits Jennifer L. Moroz CPA P: (973) 472-6250 E: jmoroz@saxllp.com Federal Tax Credits and Incentives Peter Scalise P: (212) 661-8640 E: pscalise@saxllp.com Fractional Finance Eric Meisner P: (212) 661-8640 E: emeisner@saxllp.com Healthcare Deborah Nappi CPA, MST P: (973) 554-6191 E: dnappi@saxllp.com HR Consulting Christine Brennan-Savino P: (973) 554-6190 E: cbrennan-savino@saxllp.com International Tax Lisa Goldman CPA, M.TAX, TEP P: (212) 661-8640 E: lgoldman@saxllp.com New Lease Accounting Jason Borofsky CPA, MBA P: (973) 554-6082 E: jborofsky@saxllp.com

SAX resources Nonprofit (National) David Ashenfarb CPA P: (212) 268-2805 E: dashenfarb@saxllp.com Private Client Services Joseph J. Bulger P: (973) 554-6094 E: jbulger@saxllp.com Professional Services Jennifer L. Moroz CPA P: (973) 472-6250 E: jmoroz@saxllp.com Real Estate Joseph Shannon CPA/ABV, CFE P: (973) 554-6100 E: jshannon@saxllp.com SAX Capital Advisors Jerome Fusco P: (203) 988-3473 E: jfusco@saxca.com SAX Technology Advisors Rob Owen P: (201) 694-6909 E: rowen@saxllp.com SAX Wealth Advisors Kyle R. Stawicki ChFC® P: (973) 554-6006 E: kstawicki@saxwa.com

State and Local Tax Richard Goldstein JD P: (973) 472-6250 E: rgoldstein@saxllp.com Strategic Business Transformation Lauren Frary MA, LRC P: (973) 472-6250 E: lfrary@saxllp.com Tax Shivani Jain CPA, MST P: (973) 554-6161 E: sjain@saxllp.com Tax Controversy Julio M Jimenez JD, LLM P: (857) 891-3114 E: jjimenez@saxllp.com Transaction Strategy & Transformation Eric Lewandowski P: (401) 556-7940 E: elewandowski@saxllp.com Trusts & Estates Lisa M. Mela CPA, MST P: (973) 554-6168 E: lmela@saxllp.com Valuation, Forensic & Litigation Megan Sartor CPA/ABV/CFF P: (973) 554-6158 E: msartor@saxllp.com

SAX resources program

champion

Asana

Leon Grassi

Axcess BNA Tax Planner

lgrassi@saxllp.com axcess@saxllp.com

Michael Penberg

CaseWare CCH (Importing to)

contact email address

mpenberg@saxllp.com caseware@saxllp.com

Kennedy Spittler

kspittler@saxllp.com

Client Data Changes

clientInfo@saxllp.com

Client Leaving Firm

nlac@saxllp.com

Fixed Assets

Tyler Goodspeed

SurePrep GEMS

sureprep@saxllp.com Lisa Mela

GFR HubSpot

tgoodspeed@saxllp.com

lmela@saxllp.com gfr@saxllp.com

Leon Grassi

lgrassi@saxllp.com

Portal

clientportal@saxllp.com

Practice Management

finance@saxllp.com

Suralink

Joe DeBarr

jdebarr@saxllp.com

SAX resources program A&A Scheduling

a&aschedule@saxllp.com

ASA

asa@saxllp.com

CPE Q&A

training@saxllp.com

E-file

efile@saxllp.com

Engagement Letters

signedltr@saxllp.com

Innovation Committee

innovation@saxllp.com

IT

support@saxtechnology.com

LCvista

training@saxllp.com

LumiQ

training@saxllp.com

Marketing

marketing_group@saxllp.com

P.O.W.E.R. Committee

power@saxllp.com

Retirement Planning

retirement@saxwa.com

RSM

training@saxllp.com

Shared Services

sharedservices@saxllp.com

Source Documents

sourcedocs@saxllp.com

Tax Documents

taxdocrequest@saxwa.com

Tax Scheduling

taxschedule@saxllp.com

Transcripts

transcripts@saxllp.com

firm announcements

Congratulations!

We are thrilled to announce the promotion of Matt Bernocchi, Igor Petrovic, and Joe Saverino to the position of Partner, effective January 1, 2025.

These outstanding individuals exemplify our dedication to excellence, innovation, and exceptional client service, marking the beginning of a new era of leadership and expertise.

SAX 4 MILER Hits $1 Million Milestone in Total Funds Raised for St. Joseph’s Children’s Hospital

read the press release here

2024 End of year celebration

Thank you to everyone who celebrated with us!

VIEW all photos here Password: SAX1224

marketing

podcasts / vlogs

podcasts / vlogs

news from our team Congratulations to Carolyn Lanza and her husband on welcoming Layla Rayn Dobbs on November 19!

Missy O'Shea, recently delivered an insightful presentation titled "Current and Future Financial, Tax, and Economic Outlook" at the Surety Association of New Jersey and Women in Surety Educational Breakfast.

Several of our Partners and friends of the firm attended the NJ Center for Tourette Syndrome’s annual gala aimed to raise funds to support the Center's vital initiatives.

Rob Owen was interviewed by CIO.com to discuss AI ROI. Check out the full spotlight here.

news from our team SAX team members laced up their shoes for the American Cancer Society’s Making Strides Against Breast Cancer walk! In total, we raised $8,663 - our best year yet!

Peter Scalise helped facilitate the annual USO Accountants Salute the Troops event, assembling care packages for deployed troops.

to SAX Wealth Advisors for reaching $3 billion in AUM and being named to Newsweek’s List of Top Financial Advisory Firms for 2025!

SAX India LLP has been Certified™ by Great Place To Work®!

news from our team Thank you to all of our team members who contributed to the Oasis Toy Drive and those who made contributions to Child and Family Resource of Morris County and The Arc of Essex County!

Thank you to everyone who donated to the Hurricanes Milton and Helene Relief fundraiser. In total we raised over $2,200!

And congratulations to Anthony Morreale for winning the Jets Suite raffle drawing!

Congratulations to Onkar Mishra and his wife on welcoming Samridhi Mishra on November 20!

Webinar Recaps In case you missed it, watch as SAX’s nonprofit experts walk you through the top findings from the Giving USA report and provide strategies to help your organization make the best choices about your fundraising efforts and resources.

Watch the webinar In case you missed it, watch the Q4 Tax with SAX Update, where our speakers discussed the Corporate Transparency Act, year-end planning ideas, state and local tax considerations, tax proposals from the Trump Administration, and planning for possible reduction of the estate tax exemption in 2026

Watch the webinar In case you missed this must-watch session, our experts explore the significant changes effective January 1, 2025, impacting Medicaid and Children’s Health Insurance Program (CHIP) billing for mental and behavioral health services.

Watch the webinar

event Recaps Construction Client Appreciation

SAX hosted a fantastic Client Appreciation Event at Avenue A on October 17, celebrating our valued clients. The evening saw a great turnout, filled with meaningful connections and memorable moments.

Thank you to everyone who joined us!

nonprofit conference

The Road to Resilience: Nonprofit Success in Unstable Times, was held on October 25 at Pinstripes in Paramus, NJ. The event featured three panels: "Building Resilience in Donor Relationships," "Embracing Digital Transformation," and "Effective Fundraising in Uncertain Times."

event Recaps consumer and industrial Products conference

On November 1, 2024 SAX's Consumer & Industrial Products Group held its second conference at the American Dream Mall in East Rutherford. The event brought together top professionals to share insights and foster connections. The conference featured a panel on navigating challenges in consumer and industrial markets, a leadership discussion on adapting to change, and sessions on the economy, technology, and business transitions.

event Recaps construction industry update

SAX’s Construction Industry Update held on November 14, 2024, at the Trump National Golf Club in Bedminster, NJ, brought together industry leaders for an engaging discussion. Topics included regulatory changes, technological innovations, and strategies for optimizing business operations in today’s competitive market.

real estate Industry Update

The 2024 Real Estate Industry Update was held on November 6, 2024, at the Upper Montclair Country Club, featuring keynote speaker Dr. David Stubbs from BlackRock, a global leader in investment and risk management.

nyc thanksgiving Day parade watch party Team members and their families joined at our NYC office that overlooked 6th Avenue and the famous Thanksgiving Day parade!

the cross sell corner `

investment banking SAX Capital Advisors is armed with a wealth of expertise to assist in finding the perfect partner when selling or acquiring a business, preparing a business for sale, raising capital, restructuring a company, and more. Learn more here.

fractional finance Whether it’s a temporary engagement or a CFO level resource part time – SAX Fractional Finance is here to support a business’ needs. We can step in at any time and provide strategic thinking to maximize opportunities by leveraging years of experience in a variety of industries. Learn more here.

private client We are experienced professionals offering tailored solutions to managing wealth, preserving legacy and ensuring financial security for high-net-worth individuals and families. Learn more here.

strategic business transformation We provide nonprofits with 360 consulting spanning from start-up to succession planning, aimed at providing strategic and innovative solutions to propel an organization’s mission forward. Learn more here.

technology We provide businesses with critical technology services like cloud migrations and operations, disaster recovery, managed services, business continuity, cybersecurity, enterprise architecture, technology strategy development, project management, and much more.

transaction advisory & corporate restructuring From integration to transformation to separation strategy, we are results focused M&A leaders who work to ensure businesses are strategically positioned, identifying and realizing value during the due diligence process and throughout the entirety of the transaction. Learn more here.

valuation, forensics and litigation Whether a client is engaged in litigation, investigating potential fraud, Alternative Dispute Resolution or just trying to find a solution to a complex financial situation, the VFL team can provide expert guidance. Learn more here.

wealth management With over $3 billion in collective assets, SAX Wealth Advisors is an independent registered investment advisor offering strategic financial planning, tax planning, investment management, individual and employer retirement plans, and more.

Learn more here.

human resources

the sax family welcome to sax!

Hareem Nadeem

Sr. A & A Associate - TX

10/7/24

Sana Arshad

Sr. A & A Associate - CA

10/7/24

Stephanie Glaser

Sr. A & A Associate - NY

10/7/24

Elizabeth Reeve

Client Accounting Services Manager - MT

10/14/24

Christine Brennan-Savino

CHRO - NJ

10/21/24

Nicole Meraviglia

Learning & Development Specialist -FL

10/21/24

Naimisha Mahesh

Senior A&A Associate - FL

10/21/24

Jimmy Qian

Analyst & Trading Associate - SWA - NYC

10/21/24

Carrie Boynton

Tax Director - FL

11/18/24

Sean Breheney

Tax Partner - NJ

11/18/24

Adam Kurinect

Controller - Parsippany

11/25/24

Chip Bowen

Principal Wealth Advisor - SWA

11/25/24

Vicki Ireland

Client Service Associate - SWA

11/25/24

Ken Simon

Tax Senior Manager - NY/Remote

12/2/24

Jasmine Lopez

Benefits Specialist

12/16/24

Gregory Black

Trust & Estates Partner

12/16/24

Stephen Pena

Director of Operations

12/16/24

Andrea Freijolmil

Client Service Associate - SWA

12/16/24

John Sykes

Retirement Plan Associate - SWA

12/16/24

the sax india family welcome to sax!

Nehal Chandulal Ghaghada

Senior

10/1/2024

Mayank Bajaj

Senior

10/14/2024

Rohini Abhimanyu Mali

Analyst

11/27/2024

Priyanka Appu Shetty

Operations

12/4/2024

Sandhya Lalit Choudhary

Analyst

12/9/2024

Rashi Kirti Jain

Analyst

12/9/2024

Anuradha S

Manager

12/16/2024

Rishabh Ajay Rajput

Senior

12/11/2024

Priyank Praful Trivedi

Senior

12/11/2024

Darshan Naren Nandu

Manager

12/23/2024

Welcome to the firm!

Logan Miller is a graduate of Ramapo College of New Jersey. His hometown is Cresskill, NJ. A fun fact about Logan: his hobbies are playing guitar and reading!

Matthew Dulin is a graduate of The College of New Jersey. His hometown is Middletown, NJ, and he will be working out of the NYC office. A fun fact about Matt: he has a pet lizard that is older than he is!

Michael Weiss is a graduate of The College of New Jersey, and earned his MBA at Montclair State University. A fun fact about Michael: he plays the violin! He also traveled to India and Dubai in the past.

William Salmon is a graduate of Rider University, where he obtained both his Bachelor’s and Master’s degrees in Accounting. His hometown is Oxford, NJ. A fun fact about William: while attending Rider University, he also competed on their Division 1 Cross Country and Track and Field teams!

John De Paz is a graduate of Rutgers University – New Brunswick. His hometown is Union City, NJ. A fun fact about John: he loves watching horror movies!

Thomas DeGrosa is a graduate of Maryville University, where he received his Master’s in Accounting. His hometown is Elmwood Park, NJ. He has also lived in Bloomfield, NJ, and surrounding towns. A fun fact about Thomas: he is a musician with a bachelor’s degree in music technology!

Anthony Russo is a graduate of Farleigh Dickson University, and obtained a Bachelor’s in Accounting, with a minor in Finance. A fun fact about Anthony: he was the valedictorian of his 8th grade class! On weekends, he likes to relax at home and talk to friends.

Fernando Delgado is a graduate of Pace University, and obtained a Master’s in Public Accounting. He lives in Haverstraw. A fun fact about Fernando: he is Dominican and Chinese, and also enjoys reading light novels! He worked as a bookkeeper before becoming an Associate.

Michael Kopatka is a graduate of William Paterson University, where he earned his MBA with a concentration in Accounting. He lives in Bloomingdale, NJ, and was born and raised in New Jersey. A fun fact about Michael: he enjoys reading, cooking, and traveling!

Gianna Morra is a graduate of Rutgers University – New Brunswick. Her hometown is Paramus, NJ. A fun fact about Gianna: in her free time, she enjoys walking her dog, Rosie, and reading a good book!

Nicholas Smeilus is a graduate of Ramapo College of New Jersey, and will finish his Master’s degree in a few weeks. His hometown is Jefferson Township, NJ. A fun fact about Nicholas: in his free time, he loves being with friends and playing video games!

Martin Lucibello is a graduate of Centenary University, where he obtained a degree in Finance and Accounting. A fun fact about Martin: He is a die hard Lions fan and on weekends, enjoys watching sports. In college, he played baseball for 7 years. He was a catcher and outfielder. He also played two years of baseball at Bergen Community College before attending Centenary University.

Ashley Georgevich is a graduate of Caldwell University, where she is also currently obtaining her Master’s degree. Her hometown is Saddle Brook, NJ. A fun fact about Ashley: She plays competitive pickleball and played in the US Open in Naples, FL and other 4.5+ tournaments! She is also on the women’s soccer team at Caldwell University.

Jose Chuquimarca is a graduate of Caldwell University, where he obtained both his Bachelor’s and Master’s degrees in Accounting. His hometown is Union City, NJ. A fun fact about Jose: he is of Ecuadorian and Salvadorian background, and can speak both countries’ styles of Spanish!

Ricardo Pimentel Jr. is a graduate of Rutgers University – Newark. More about Ricardo: he loves snowboarding! He is also a first-generation Dominican-American.

Great cards Anna Falkson Anna did a spectacular job managing her client work and maternity leave! Anna is the epitome of a team player.

Sener Mamudoski Sener is a rising star of the ITAX squad and doesn’t shy away from any ITAX work given.

Nandita Gajula Nandita puts in solid, quality work and is an invaluable resource to her squad.

Mamie Francois ITAX returns/forms are as complex as they can get, and still, Mamie gets them done with both ease and understanding.

Taniya Taylor She is always ready and willing to help, Taniya is someone the ITAX squad can always count on.

hanna kang Hanna deserves a Great Card for going above and beyond and working throughout the night to complete a last minute return that was assigned to her.

Ashley Nikituk, Magdalena Krowka, Ella Valdes Ashley, Maggie, and Ella deserve Great Cards for their excellent team work hosting the A&A Level 3 Training Program.

John Wagner He did an amazing job on 8 PFS engagements which all require a lot of focus and organizational skills. He stayed on top of the emails from different sources of information. I could rely on him to update what he needed without having to remind him at all.

SAX travel system We are happy to announce we are partnering with LXR Travel, a concierge level travel management company.

LXR Travel will assist you with making your work-related travel arrangements for air, car, car service, hotel, and train.

By partnering with LXR for your travel arrangements, it will allow for many benefits. LXR is not “travel police” but rather offers a service that will be there for our travelers from door to door; whether you need to cancel a trip, extend your trip, or your flight is delayed, and you will miss a connecting flight, LXR will be there to help.

They are not a call center, so you will get to know the agents and will be able to call/email your favorite agent directly to form a relationship. They have an online traveler portal that allows for management of your traveler profile and reward #s, so that your miles/rewards will be part of every booking made through LXR, and will also keep track of your unused tickets that are available for future use.

view the instructions on setting up your account here.

INDIA Diwali Celebration The team celebrated Diwali, also called the “Festival of Lights,” which is one of India's most widely celebrated holidays.

INDIA Eye Camp Day SAX India held their annual “eye camp day”, designed to provide eye care service to a large number of people in a short time. It is to create awareness among the general public around eye care.

INDIA Dental Camp Day SAX India also held their annual “dental camp day”, designed to provide preventive dental care, curative care, screening for diseases and health education

Al Traverso visits SAX India Team

L&D Updates Cyber Security Training: Complete the online training by 12/31 The non-CPE course will take 45 min. to complete Completion is required for all employees Questions? Email training@saxllp.com Engagement Letter Training: All tax engagement letters will be prepared in HubSync and completed by January 31st, 2025 Training Sessions January 6: 2pm-3pm EST January 7: 3pm-4pm EST Help Desk Sessions January 8: 9:30am-10:30am EST January 9: 11:00am-12:00pm EST January 10: 9:00am-10:00am EST RSM Deactivation: RSM CPE will be disabled on January 1st, 2025.

Access to the RSM Alliance Portal will continue.

RSM will be replaced by Becker Professional Education for CPE.

L&D Updates

SAX partnered with Becker for IRS EA Exam prep! Interested in becoming an EA? Key benefits include: Unlimited Practice Rights: EAs can represent clients before the IRS in all 50 states, covering individuals, businesses, and complex cases.

Tax Expertise: The EA credential demonstrates deep knowledge of tax law, positioning you as a trusted tax advisor.

Credibility & Differentiation: It enhances professional credibility and helps distinguish you from other tax preparers.

No CPA Requirement: You don’t need to be a CPA to become an EA, making it accessible to accountants focusing solely on taxation.

Continuing Education: Maintaining the designation ensures you stay current with tax code changes, reinforcing your expertise.

Email training@saxllp.com for more information!

Enrolled Agent Exam Review

CPE Compliance Reminders CPE Progress: Login to LCvista to check your CPE State board & In-Firm requirements Ethics, Yellowbook, EBP, EA, etc.

Automated compliance reminder emails Instructor CPE 3x CPE for instruction of internal courses NJ CPAs require NJCPA board approval OnDemand CPE: LumiQ, Amplifire, RSM CPE Learning Plans in LCvista for newly promoted Managers & Senior Managers New Hires: Submit CPE from previous employer External CPE: Submit external certificates in LCvista

SAX DEI Statement

“At SAX LLP, we prioritize fostering an inclusive environment where all voices are heard and valued. We believe in actively attracting, developing, and retaining exceptional talent from diverse backgrounds. By embracing diverse perspectives and experiences, we fortify our capacity for innovation, propel growth, and consistently exceed expectations for our clients and team.”

For content submissions for THE BUZZ, please email Marketing_Group@saxllp.com

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