SAX's 2023 Year in Review

r g e t n I t c e p s e R e c n e ll e c x x E E t t n n e e m m t t i i m m m m YEAR IN REVIEW o o C C y t i r g e t n I c e t p c e s p e s e R e R c e n c e n ll e e c ll x E t n e m t e i m m t i m o m m C o C y t i r y t g i e r t g n e t I n I t c e p s p e s e R R e c e n c e n e ll e ll c e x c x E E t n e m t i m n e m o m t C i m y m t i o r C g e t y n t i I r g t e t n I t c e p t s c e e p R s e e c R n e e ll c e n c e x ll e E c x E t n e m m t t i i m m m m o o C C y y t t i i r r g g e t n nte I t c e p s e R e R c e n celle llenc NEW JERSEY | NEW YORK | MUMBAI

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JOSEPH A. DAMIANO CEO & MANAGING PARTNER

Dear Valued Clients, Team Members, and Friends, It is with great pleasure and pride that I present to you SAX’s 2023-2024 Year in Review which showcases the elements that have shaped our firm’s upward trajectory. Our steadfast commitment to excellence and client satisfaction is reflected in the numerous accolades and recognitions we have received, for which we are profoundly grateful.

Integral to our success are the enhancements in leadership, advancements in service lines, and the integration of cutting-edge technologies that drive efficiency and heightened productivity. We also take pride in our dedication to continuous growth and innovation, as well as our unwavering commitment to nurturing our unique culture and contributing to the betterment of our community.

As we encourage you to explore the pages of our 2023-2024 Year in Review, we extend heartfelt gratitude for your ongoing partnership and trust in SAX. Your pivotal role in our success is deeply appreciated, and we eagerly anticipate the exciting opportunities that await us in the future.

Warm Regards,

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SAX 2023 YEAR IN REVIEW | 3

67

YEARS IN BUSINESS

59

PARTNERS & SENIOR ADVISORS

s e R e c n e ll e c x E t n e m t i m m e o p s C e y t R i r e g c e t n e ll e c tc In x E t n e m t i m I m t o c C e p s y e t i r R g e t e c n n I e ll e c x E t n t e n m I t i t m c e m p o s C e y R t i e c gr n e ll e c x E t y n t e i r m t g i e t m n m o I t c e p ity C s e R e c n e o ll e C c x y E t i r t g n e e t m n t i I m t c om e p s e R ce

4

OFFICES IN 2 COUNTRIES

24

STATES WITH EMPLOYEES

$2B+ 327k+ ASSETS UNDER MANAGEMENT

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CHARGE HOURS

324

996 R e c n e ll e c x ent E

m t i m m o C e y t R i r e g c e t n e n ll I e c t x c e E sp t n e m t i m m t o c C e p s y e t i r R g e t e c n n I e ll e ect c x E t n e m I t i t m c e m p o s C e y R t i r e c g e n t e ll e In c x E t n e i r m t g i e t m n m o I t C c e y p t i s r e R teg e c n e ll e c x y E t i r t g n e e t m n t i I m t c e p Com s e R e c n e ll C e c x y t i E r g t e n t e n m I t i t m c e m p o s e R e c n e m ll m e o c x C E y t t i r n e g e mitm Int FTEs

FINANCIAL STATEMENTS ISSUED

35 85

INFORMATIONAL EVENTS HOSTED

MEDIA FEATURES

$93.5M $126K REVENUE

RAISED FOR ST. JOSEPH’S CHILDREN’S HOSPITAL

SAX 2023 YEAR IN REVIEW | 5

R e c n e ll e c x E t n e m t i m m o C C y y t t i i r r g g e e t t n n I I t t c c e p s spe OUR ASPIRATIONAL e R STATEMENT e c n e e c ll x e c x E t E n t e n m e t i m t m i m m o m C y t i r g e t g n e t I n t I c e t p c s e e p s e R nce R e c n e ll e c x x E E t n t e n e m t m i t i m m m o m o C C y y t i r g Inte r We will cultivate a collaborative culture by fostering knowledge transfer, defining roles, and building a skillset to drive client engagement, enhance the client experience, and become our clients’ #1 advisor.

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OUR VISION Is to achieve exceptional growth opportunities for our clients, people, and firm by striving to be a Top 50 firm by the year 2026.

OUR MISSION

y t i r g e t n I t c e p s Re OUR CORE VALUES l e c x E t n e m t i m Com i r g e t n I t c e p s e R e c n e ell l e c x E t n e m t i m m o C y t i r grity g e t n I t c e p s e R e c n e e c xcell n e ll e c x E t n e m t i m m o C rity

SAX is committed to being our clients’ #1 advisor by understanding their Vision and providing solutions that exceed expectations to ensure their success.

We are dedicated to continually building a great firm that attracts, develops, excites, and retains exceptional people.

RESPECT

We treat each other with respect and dignity; encouraging cooperation and teamwork.

INTEGRITY

We are honest and ethical in everything we do.

COMMITMENT

We will meet our core commitments 100% of the time.

EXCELLENCE

We are passionate about the pursuit of excellence in everything we do.

We do the right thing for our clients, our firm, and our people.

SAX 2023 YEAR IN REVIEW | 7

2023-2024 KEY MANAGEMENT & SERVICE DIRECTORY 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

Director of IT Frederick Delacruz Director of Learning & Development Nick Romanowski Director of M&A Peyton Bowman, MBA Director of Marketing Margaret Henn Director of Operations Virginia Dennerlein, SHRM-CP

Parsippany, NJ Joseph A. Damiano, CPA

Director of Quality Control Akram Soliman, CPA

Ewing, NJ Jeremy Rhen, CFP®

RISK MANAGEMENT

New York City, NY Lisa Goldman, CPA, M.TAX, TEP Mumbai, India Sudeep Sachindranath

FIRM OPERATIONS Chief Financial Officer Nicholas Valentini Chief Human Resources Officer Sharon Bleibtreu, PHR Chief Information Officer Robert Owen Chief Marketing Officer / Head of Business Development Leon Grassi Chief Operating Officer Michael Rolls

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W. Michael Curry, CPA, CCIFP Frederick Delacruz Virginia Dennerlein, SHRM-CP Christopher Gaffney, CPA, MST Shivani Jain, CPA, MST Michael Rolls Kyle Stawicki, ChFC®

CHARITABLE FOUNDATION BOARD Joseph A. Damiano, CPA Lauren Frary, MA, LRC Candy Gordon-Geanoules, CPA Helena Lynch, CPA, MST Deborah Nappi, CPA, MST Michael Rolls Peter J. 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

International Tax Lisa Goldman, CPA, M.TAX, TEP P: (212) 661-8640 E: lgoldman@saxllp.com

SAX Wealth Advisors Kyle R. Stawicki, ChFC® P: (973) 554-6006 E: kstawicki@saxwa.com

Construction Ermal Luzaj, CPA, MBA P: (973) 554-6174 E: eluzaj@saxllp.com

New Lease Accounting Jason Borofsky, CPA, MBA P: (973) 554-6082 E: jborofsky@saxllp.com

State and Local Tax Richard Goldstein, JD P: (973) 472-6250 E: rgoldstein@saxllp.com

Consumer Products Joshua Chananie, CPA P: (973) 554-6160 E: jchananie@saxllp.com

Nonprofit (National) David Ashenfarb, CPA P: (212) 268-2805 E: dashenfarb@saxllp.com

Strategic Business Transformation Lauren Frary, MA, LRC P: (973) 472-6250 E: lfrary@saxllp.com

Employee Benefit Plan Audits Jennifer L. Moroz, CPA P: (973) 472-6250 E: jmoroz@saxllp.com

Private Client Services Joseph J. Bulger P: (973) 554-6094 E: jbulger@saxllp.com

Tax Shivani Jain, CPA, MST P: (973) 554-6161 E: sjain@saxllp.com

Federal Tax Credits & Incentives Peter J. Scalise P: (212) 661-8640 E: pscalise@saxllp.com

Professional Services Jennifer L. Moroz, CPA P: (973) 472-6250 E: jmoroz@saxllp.com

Tax Controversy Julio M. Jimenez, JD, LLM P: (857) 891-3114 E: jjimenez@saxllp.com

Fractional Finance Eric Meisner P: (212) 661-8640 E: emeisner@saxllp.com

Real Estate Joseph Shannon, CPA/ABV, CFE P: (973) 554-6100 E: jshannon@saxllp.com

Healthcare Deborah Nappi, CPA, MST P: (973) 554-6191 E: dnappi@saxllp.com

S2 Technology Solutions Carl Van Dusen P: (201) 268-3488 E: info@s2solutions.tech

Transaction Strategy & Transformation Eric Lewandowski P: (401) 556-7940 E: elewandowski@saxllp.com

HR Consulting Sharon Bleibtreu, PHR P: (973) 554-6170 E: sbleibtreu@saxllp.com

SAX Capital Advisors Jerome Fusco P: (203) 988-3473 E: jfusco@saxca.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 2023 YEAR IN REVIEW | 9

FIRM ACCOLADES

Named to INSIDE Public Accounting’s list of the Best of the Best Firms in the nation, made up of top performers within the profession who produce superior results while planning for long-term sustainability and growth, offering both clients and staff alike a successful future.

Ranked #68 on Accounting Today’s prestigious Top 100 list of accounting firms in the country and a Mid-Atlantic regional leader. SAX moved up 19 spots from last year on the AT Top 100 list.

Ranked #70 on INSIDE Public Accounting’s prestigious Top 100 list of accounting firms in the country, up 14 spots since last year.

Recognized on the list of America’s Best Tax and Accounting Firms by Forbes for the fourth straight year.

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Ranked #24 on Construction Executive’s list of The Top 50 Construction Accounting Firms in the nation.

Ranked #13 by NJBIZ on their list of Top New Jersey Accounting Firms.

Ranked #57 on NJBIZ’s list of the Top 250 Privately Held Companies, moving up 30 spots since last year.

Named the Top Accounting Firm by NJBIZ’s Readers Rankings. SAX was named the winner out of eight other firms nominated in the category.

Ranked #35 on the "Wealth Magnet" list of the Top 150 Firms by Assets Under Management by Accounting Today, making “The Billion Dollar Club”.

Please click here to reference important disclosure information regarding this award.

SAX 2023 YEAR IN REVIEW | 11

TEAM MEMBER ACHIEVEMENTS Joseph A. Damiano was named to ROI-NJ’s Influencers Power List as a Top Accounting Executive, made up of accountants who are trusted business professionals in the state.

Damiano was also ranked in the Accounting Power 50 by NJBIZ for the fourth consecutive year. This list recognizes some of the most impactful men and women in business throughout the state.

Michael Curry was named to the 2023 list of Notable Leaders in Accounting, Tax, & Audit by Crains New York. This list recognizes true leaders, advising a wide range of clients, overseeing workplace transformation efforts, introducing new practice areas, incorporating tax in sustainability strategies, and more.

Peter Scalise was appointed to Editor-in-Chief of CPA Magazine.

Peter will play a pivotal role in curating and delivering cutting-edge insights, thought-provoking articles, and valuable resources to the CPA community. His contributions will elevate the magazine’s mission of promoting excellence and innovation in the accounting profession.

Megan Sartor was honored at the Boy Scouts of America's 2023 Tribute to Women Awards Luncheon. This is an annual event which honors outstanding women who serve as exemplary role models for the youth through their vocations or avocations.

Stuart Berger was recognized with the Outstanding Financial Service Professional of the Year Award from Blue Water Wave LLC.

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RETIREMENT

Join us in celebrating a stalwart leader, Stuart Berger, and his impact on SAX as he moves into retirement.

Stuart Berger, a seasoned professional with over three decades of dedicated service, stands as a cornerstone of SAX’s success, leaving an indelible mark on the firm’s trajectory. With expertise honed over the years, Stu has been instrumental in steering family-owned businesses through the complexities of tax and advisory services, showcasing a commitment that goes beyond the ordinary.

His leadership journey at SAX is nothing short of exemplary. Serving as the Managing Partner from 2007 to 2010, Stu played a pivotal role in shaping the firm’s strategic direction during a critical period of growth. As a distinguished member of the Executive Committee for an impressive 25 years, Stu’s impact on the firm’s decision-making processes and overall governance cannot be overstated. His tenure on the committee witnessed transformative moments, including the firm’s inaugural Peer Review, a milestone accomplishment that underscored SAX’s commitment to the highest standards of quality and professionalism, as recognized by the Public Company Accounting Oversight Board.

Stu was a pivotal member of the Foundation Committee since its inception in 2007, showcasing his unwavering commitment to the firm’s broader societal responsibilities. He was directly responsible for the creation of the firm’s beloved 4 MILER, a charitable event initiated 12 years ago that greatly benefits the Child Life Department of St. Joseph’s Children’s Hospital.

Another notable achievement of Stu’s is the establishment and leadership of the firm’s Real Estate Practice which solidified SAX’s standing in the industry.

As Stu embarks on a well-deserved retirement, his legacy at SAX stands as a testament to the enduring impact of a leader who not only steered the firm to new heights but also instilled a culture of innovation, philanthropy, and excellence. While he plans to enjoy leisure activities such as golf, travel, and indulging in his passion for model trains, the firm will undoubtedly continue to reap the benefits of the foundation laid by Stu Berger for years to come.

SAX 2023 YEAR IN REVIEW | 13

NEW PARTNERS

Eric Seidman, Gina Perrone, Mathew Giordano, Jeremy Rhen

PROMOTIONS We invite you to join us in extending our congratulations to the individuals who have been internally promoted this year to positions at the Manager level and above.

Michael DeBenedetto promoted to A&A Manager

My Doan promoted to Tax Manager

Sharon Bliebtreu promoted to Chief Human Resources Officer

Mamie Francois promoted to Manager of Administration

Carlie Bruno promoted to Manager of NFP Support

Tyler Goodspeed promoted to Senior Tax Manager

Vince DePrimo promoted to Manager of Accounting Support

Keisha Haynes promoted to Tax Manager

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We are proud to announce the individuals who have ascended to the role of Partner at our firm, effective January 1, 2024.

These exceptional professionals embody our commitment to excellence, innovation, and client service, ushering in a fresh era of leadership and expertise.

Mat Giordano, CPA, MST, is an important member of the firm’s Tax Controversy and Dispute Resolution group and the firm’s State & Local Tax (“SALT”) practice.

Specializing in Sales/Use tax matters, Mat brings expertise to various IRS audits and State & Local Taxing Authority examinations, catering to the needs of both business and individual taxpayers.

Playing a crucial role in both the Tax and Construction Practices, Gina Perrone, CPA, MST, focuses on delivering toptier tax services and strategic planning tailored to meet clients' ultimate goals.

Additionally, Gina actively contributes to the professional growth of younger

team members within the firm, fostering an environment that enhances their tax knowledge and hands-on experience.

Jeremy Rhen, CFP®, is a trusted Wealth Advisor with SAX Wealth Advisors and leads the firm’s Ewing, NJ office. Jeremy specializes in delivering tailored portfolio management, continuous financial planning, and individualized tax strategy recommendations to meet the unique needs of his clients.

Eric Seidman, AIF®, serves as the Leader of Retirement Plans for SAX Wealth Advisors and is a dedicated resource for businesses who sponsor a workplace retirement plan for their employees. Eric ensures that employers and individual 401(k) savers have the long-term strategy, vision, and support needed to help put retirement readiness within reach.

Margaret Henn promoted to Director of Marketing

Juliet Trotman promoted to Tax Manager

Preeti Manik promoted to Tax Manager

Emily Wohl promoted to A&A Manager

Nick Romanowski promoted to Director of Learning and Development

Faye Wong promoted to Tax Manager

Angela Scotti promoted to Tax Manager

Yan Yu promoted to Tax Manager

Robert Strazicic promoted to Tax Manager SAX 2023 YEAR IN REVIEW | 15

EXPANSIONS & ENHANCEMENTS Tax Powerhouse: SAX Reinforces Tax Practice with the Addition of Six Seasoned Partners SAX made six strategic additions to its Tax Practice, fortifying the firm’s capabilities, and reinforcing its commitment to delivering exceptional client services.

Joseph J. Bulger has been appointed the leader of the firm’s Private Client Services Practice, significantly elevating the firm’s capabilities in catering to high-networth individuals and families. With an extensive background spanning over 30 years in tax management, Bulger brings a wealth of expertise, particularly valuable for family offices, financial service executives, real estate developers, and owners of privately held companies.

Rory Cahill, CPA brings over 15 years of expertise, specializing in real estate taxation, offering expertise in corporate and partnership taxation. He works extensively with real estate funds, developers, owners, and operators on tax compliance and structuring matters, and he is a noted expert on joint venture formations, mergers, acquisitions, and divestitures, both in the corporate and partnership context.

Lisa S. Goldman, CPA, M.Tax, TEP has been appointed the leader of the firm’s International Tax Practice, providing over 25 years of specialized experience in international taxation. She creates strategic domestic and international tax minimization opportunities for her clients, who are high-net-worth

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global business leaders and multigenerational families. Her clients include many foreign nationals with residencies around the world, including Europe, Asia, South America, the Middle East, & Africa.

Richard Goldstein, JD, a seasoned expert with 30 years in state and local tax matters, has been appointed the leader of the firm’s State and Local Tax (SALT) Practice. He advises clients on a wide variety of issues, including personal and business matters, tax planning, and tax compliance. He also represents clients in state and local tax audits, tax appeals, and tax exposure mitigation (including voluntary disclosures).

Julio Jimenez, JD, LLM has been appointed the leader of the firm’s Tax Controversy Practice, where he specializes in complex tax controversy issues, leveraging his IRS experience to represent clients successfully before taxation authorities. He has vast experience with international capital markets, including structuring, compliance, and controversy issues, in addition to financial products and services across treasury and risk management functions, asset management and banking.

Peter J. Scalise brings 30 years of expertise to the firm as the leader of the Federal Tax Credits & Incentives Practice, with experience developing, managing, and leading large scale tax advisory practices on a regional, national, and global level. He is a renowned thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing, and defending sustainable methodologies for specialty

tax incentives.

Together, these new partners are poised to navigate and excel in the complexities of the evolving tax landscape. Their collective expertise strengthens SAX’s ability to deliver innovative solutions and exceptional service to clients across diverse industries.

Enhanced Prowess: SAX Strengthens Transaction Strategy & Transformation Practice Eric Lewandowski joins SAX as Partner and to lead the firm’s Transaction Strategy & Transformation Practice, bringing extensive expertise in advising private equity funds and corporations on buy-side and sell-side due diligence, growth strategy, and cost optimization.

With previous roles as a Managing Director at a Big 4 firm and Chief Operating Officer for a private equity-owned manufacturing company, Eric’s experience enhances the practice’s ability to deliver strategic insights and value to clients in complex transactions and transformational endeavors.

Increased Financial Acumen: Eric Meisner Takes Helm of SAX’s Fractional Finance Practice SAX appointed Eric Meisner as Partner and Head of SAX’s Fractional Finance Practice, a move that underscores the firm’s dedication to providing clients with top-tier financial expertise and solutions. With an impressive career that includes roles at renowned organizations, Meisner brings a wealth of experience, particularly in startups and

s

small companies, where he has served in various financial capacities. In his new role, Meisner will offer CFO services to clients seeking high-level financial guidance without the commitment of a full-time hire. The practice will focus on developing tailored financial strategies, including cash flow management, budgeting, forecasting, financial reporting, compliance, and risk management.

Meisner’s appointment aligns with SAX’s commitment to delivering innovative solutions, further solidifying the firm’s position as a trusted partner for businesses seeking expert financial guidance.

SAX Strengthens Leadership Team with Key Appointment in Finance SAX has bolstered its operational capabilities with the recent appointment of Nicholas Valentini as Chief Financial Officer. Valentini, boasting over a decade of experience, arrives with a wealth of expertise gained from his tenure as CFO at a leading accounting firm. In his new capacity at SAX, he will take charge of all financial and accounting facets, actively contributing to strategic growth planning, and implementing streamlined systems and processes.

This strategic appointment underlines SAX’s dedication to fortifying its operations and realizing the firm’s strategic objectives.

Emphasizing Learning & Development: SAX Welcomes Nick Romanowski SAX prioritizes Learning & Development as a cornerstone for success. Recognizing the paramount importance of

cultivating a culture of continuous learning, the firm has welcomed Nick Romanowski to the team as Director of Learning & Development. As a seasoned learning and development professional, Romanowski brings a wealth of expertise in instructional design, virtual training, and learning analytics. His commitment to driving organizational growth through innovative learning strategies aligns seamlessly with the mission of SAX. With a passion for creating skill-based online curricula, integrating AI technologies, and fostering inclusive learning environments, Romanowski is dedicated to empowering individuals and organizations to reach their full potential.

Fostering Inclusivity: SAX’s Commitment to Diversity, Equity, and Inclusion SAX is actively committed to fostering Diversity, Equity, and Inclusion (DEI) as integral components of the firm’s organizational culture. The firm has embarked on a dedicated DEI journey, aiming to fortify the workplace culture and bring SAX’s vision to fruition. With a strategic focus, SAX is proactively identifying strengths and prioritizing actions to enhance culture, equity, inclusion, and diversity within the organization. This initiative underscores SAX’s dedication to providing all employees with an optimal working experience, where each individual feels valued, included, and empowered. By championing DEI principles, SAX is not only embracing diversity but also striving to create an

environment that reflects the rich tapestry of perspectives, backgrounds, and talents within the team.

SAX Wealth Advisors Continues its Commitment to Growth In 2023, SAX Wealth Advisors achieved a significant milestone by surpassing $2 billion in collective assets under management.

Expanding on this success, the firm strategically acquired Nevils Financial, located in Wakefield, MA, led by Barbara Nevils, CFP®, who brings 18 years of experience and $70 million in AUM, aligning with SAX’s investment philosophies and utilizing Dimensional Funds to ensure a smooth transition for clients.

Demonstrating continued dedication to growth, SAX Wealth Advisors appointed Trevor Hodges as Director of Operations, responsible for optimizing operational platforms, scaling processes, managing compliance, IT, performance reporting, client service, and CRM efforts, reinforcing the firm’s commitment to a dynamic future.

Additionally, Rachael DeCosta, CDFA, and Adam Goldberg, CFP, CPWA, joined as Wealth Advisors, with Rachael focusing on the DC area, leveraging 25 years of experience in serving widows, divorcees, multigenerational families, small law firms, and medical practices, while Adam oversees clients in the NYC area, specializing in retirement, education planning, and trust and estate planning services.

SAX 2023 YEAR IN REVIEW | 17

New Technological Advancements Drive Efficiency and Productivity With a focus on increased efficiencies, SAX continued its strategic pursuit of technological advancements in 2023. With an emphasis on streamlining operations and optimizing processes, the firm implemented innovative solutions that not only addressed the evolving needs of the industry but also elevated our overall capabilities. These purpose-driven advancements are a testament to SAX’s commitment to efficiency and excellence in navigating the dynamic landscape of the business.

e R e c n e ll e c x E t n e m t i m t c m e o p s C e y t R i r e c n e nteg ll e c x E t n e m t i n m I m t o c C e p s e R grity e c n e ll e c x y t i E r g t e n t e n m I t i t m c e m p o s C e R e c n e ll e c m x o E C t y n t e i r m t g i e t m n m o I t C c e p s e R t e i c m n e m o ll e C c x et grity ent E Some of these technology advancements include but are not limited to: Diligence, a new software for the release of e-files that speaks to other software platforms; Lease Query, a top-rated lease accounting & SaaS spend management software that simplifies the lease accounting process; Suralink, a software platform that keeps clients organized and on target as an automated document exchange and request list management solution; SurePrep, a 1040 tax preparation automation software that increases efficiency and reduces preparation and review time; Power BI, a dashboard tool that provides real-time data to firm leadership from the firm’s Practice Management database. It measures various analytics in a multitude of ways and streamlines financial reporting for the finance team.

It allows partners to have real-time access to important client and staff information such as billings, payments, WIP aging, and staff utilization.

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HARNESSING THE POWER OF AI:

SAX TAKES FIRST STEPS ON ROAD TO A NEW DIGITAL ROADMAP In the realm of modern business, the integration of Artificial Intelligence (AI) has become increasingly pivotal, transforming the landscape of various industries. For accounting firms, embracing and investing in AI solutions isn’t merely an option it’s a strategic imperative that holds profound importance in enhancing operational efficiency, delivering superior client service, and fostering sustainable growth in a rapidly evolving business environment. The firm has embarked on a program with Future Point of View (FPOV) to create a new digital roadmap. This exercise will help SAX to prepare for the impending changes as a result of the widespread proliferation of AI across the marketplace.

We are excited to showcase the start of the journey with FPOV, and will be sharing updates as the firm continues through the journey and works to adapt to this new method of problem solving on behalf of clients. SAX is excited to harness the power of AI, so that the firm can catalyze transformative changes now and moving forward.

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THOUGHT LEADERSHIP Consumer & Industrial Products Conference

SAX's second Consumer & Industrial Products Conference took place at American Dream on Friday, November 3, with a focus on uniting professionals within the supply chain industry. Beyond networking opportunities and engaging exhibitors, the event featured presentations and insights on prevailing industry issues. A panel addressing overarching industry updates was led by SAX’s Consumer Products Practice Leader, Joshua Chananie. John Britton, Director at SilverSky, delved into the current state of cybersecurity affecting the sector. Chad Reyes, Co-founder of Lions Pride Leadership, provided valuable perspectives on leadership, legacy, and succession. Mathieu Pellerin, Senior Researcher & Vice President of Dimensional Fund Advisors, led an eagerly awaited discussion on market expectations. Additionally, Jerome Fusco, Managing Director of SAX Capital Advisors, delivered an informative presentation highlighting the resilience of middle market M&A. The conference concluded with a lunch, happy hour, and continued discussions among attendees and event partners, all while enjoying a scenic view overlooking Metlife Stadium.

Construction Industry Update

SAX’s Construction Practice held their annual industry update on November 16, delivering value to professionals in the construction sector. The event commenced with a breakfast session and networking opportunities, setting the stage for insightful presentations specifically tailored to the industry. Tripp Rehlaender, Portfolio Manager & Head of Capital Markets at BlackRock, kicked off the proceedings with a highly informative keynote presentation, shedding light on the prevailing dynamics in the real estate debt markets. Following this, a panel of experts, moderated by SAX Partner Michael Curry, engaged in a comprehensive discussion on the current state of the construction industry. The panel delved into industry trends, concerns, and projections, featuring the expertise of Andrew Wood, Segment Financial Leader at APi Systems Group, and Adam Goldberg, Wealth Advisor at SAX Wealth Advisors. This event not only fostered knowledge exchange but also underscored SAX’s commitment to providing valuable insights tailored for the construction industry.

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Real Estate Industry Update

SAX’s Real Estate Practice set the stage for a Halloween industry update on October 31 at the Park Avenue Club, designed to add significant value to professionals within the real estate sector. The event commenced with a breakfast, providing a conducive environment for networking, and featured insightful presentations curated specifically for the industry. Guiding the audience through a thought-provoking panel discussion was Eddie Rivera, a Partner at SAX, along with three distinguished industry experts: Jonathan Schwart, Partner at BNE Real Estate, Jeff Milanaik, Partner, Northeast Region at Bridge Industrial, and Michael Klein, Senior Managing Director at JLL Capital Markets. This event underscored SAX’s commitment to delivering tailored, industry relevant content for real estate professionals.

Nonprofit Industry Update

On August 2, SAX’s Nonprofit Practice hosted an industry update event at The Westin New York in Times Square, geared towards the nonprofit community. Beyond fostering valuable networking opportunities, participants gained valuable insights into cutting-edge topics such as ChatGPT and other AI programs, trust-based philanthropy, and community-centric fundraising. The event shed light on how these advancements can significantly enhance a nonprofit organization’s mission and foster sustainable growth. Guided by the moderation of David Ashenfarb, Partner-in-Charge of SAX’s Nonprofit Practice, and featuring a distinguished panel comprising John Schnur, Chief Executive Officer at America Achieves, Andrew Grumet, Nonprofit Organizations Chair at Polsinelli, and Lauren Frary, Director of Strategic Business Transformation at SAX, the discussions were robust and insightful. The conversation not only enriched the attendees but also exemplified SAX’s commitment to supporting and advancing the nonprofit sector.

Marketing Summit

SAX’s Marketing & Communications Department held a Summit in October to foster collaboration, share insights, and keep firm leadership up to date on the dynamic trends that are defining the business landscape. The day provided a platform to exchange ideas, discuss emerging trends, and strategize for the future. In the context of SAX, recognizing and adapting to market trends is essential for sustained growth. The summit offered a unique opportunity to delve into the latest market dynamics, consumer behaviors, and technological advancements. By understanding these trends, SAX can position itself strategically, identify untapped opportunities, and refine its marketing approach. Moreover, the Summit served as a forum to discuss innovative strategies, leverage data-driven insights, and explore collaborative initiatives that can propel SAX to new heights. This initiative was not only a competitive necessity but also a proactive step towards ensuring long-term success in an ever-evolving business environment.

Informative Webinars and Podcasts

Throughout 2023, SAX organized more than 80 external and internal webinars and podcasts as part of the firm’s commitment to delivering added value to the industries it serves. These sessions, such as the quarterly Tax with SAX discussions, the insightful Good Morning Cannabis podcast, and presentations on pertinent subjects like Year-end Tax Planning, Year-end Giving, and Cybersecurity in the Workplace, were carefully curated to provide timely and meaningful information. SAX remains dedicated to fostering knowledge-sharing and addressing key concerns within the industries the firm engages with through these informative platforms.

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THE SAX CHARITABLE FOUNDATION SAX’s Charitable Foundation is committed to supporting charities who display exceptional dedication to building the next generation of leaders, assist the communities in which they operate, and inspire passion in the Firm’s employees and partners. The following two initiatives are sponsored by the SAX Charitable Foundation annually and are beloved events to the firm.

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SAX held the 12th Annual 4 MILER event on Saturday, September 30, 2023, to benefit St. Joseph’s Children’s Hospital. This year, nearly 400 participants, 20 volunteers, 34 sponsors, and 225 donors came together to support the 4 MILER, which was held at SAX’s global headquarters in Parsippany for the first time.

The firm raised over $126,000 this year, making it SAX’s best fundraising year yet.

St. Joseph’s Child Life Department offers high-impact holistic therapies to their pediatric patients, including art therapy, animal-assisted therapy, and horticultural therapy. These therapies are shown to be highly beneficial in mitigating the adverse effects of hospitalization, particularly for pediatric patients with chronic, life-threatening, or terminal illnesses.

Since its inception in 2012, the 4 MILER has raised $925,000 for the Children’s Hospital and has become the largest financial contributor to the Child Life Department. Looking to 2024, SAX’s goal is to raise over $75,000 to surpass the $1 million mark.

“Our pediatric patients have access to our outstanding Child Life staff and an array of programs and services. This is due, in large part, to money raised through the SAX 4 MILER,” said Robert Budelman, Vice President, Chief Development Officer of St. Joseph’s Health Foundation. “We thank SAX for their continued tremendous support that is invaluable in helping us address the unique needs of our young patients in meaningful ways.”

Click here to view the event video We thank all those who contributed to the success of the 12th Annual 4 MILER, with a special acknowledgement to the following companies who sponsored the event at $2,500 and more:

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THE SAX CHARITABLE FOUNDATION

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CONT.

Sax Founders – Sander Sax, Morris Macy, and Egon Fromm – inspired the vision of advancing clients forward by advising them in the key areas critical to their success. This is the cornerstone of how SAX does business today.

The Founders' Award is a $20,000 award, gifted by SAX as a vehicle in which the firm can honor the values of our Founders by empowering and supporting nonprofit organizations in ways that ensure their continued existence and positive impact on our world.

This year’s first-place winner was Family Promise of Morris County, and the nonprofit walked away with the $20,000 award to support its mission. The organization works to mobilize community resources and people to end the crisis of homelessness and housing instability faced by families and individuals by providing a continuum of services leading to independence. In addition, they received a 1-year subscription to Yearly. The award was announced at the Founders’ Award ceremony held on September 28 at The Chart House in Weehawken.

“The Founders’ Award is a beloved event to SAX that helps showcase the nonprofit community and highlight the amazing work they do in a forum that celebrates their work,” said SAX Nonprofit Practice Leader, David Ashenfarb.

“SAX’s Founders, Sander Sax, Morris Macy, and Egon Fromm, always instilled the importance of giving back to the community, and we are proud to continue that tradition.”

Click here to view the event video In addition to the first-place winner, two other organizations were selected for their demonstration and impact of accessibility. Second place was awarded to Oasis – A Haven for Women and Children in Paterson, whose programs are designed to feed, clothe, educate, and empower women and children in need.

The nonprofit was awarded a complimentary “mission moment” video package

by Beard & Bowler Productions (valued at $12,500). Third place recipient, Team Wilderness of Jersey City, who grows teamwork, leadership, and character within urban youth through wilderness excursions, received a $5,000 unrestricted gift.

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o C y t i r R g e e t c n n e I ll t e c c e x p s E e t R FIRM CULTURE Commitmen s y e t i r R g e e t c n n e I ll t e c c e x p E es t n e m t i m m o C y t i r g e t n I t APPRECIATION

As a way to say “thank you” to employees for their hard work and dedication throughout the year, SAX holds events such as the annual End of Year Celebration, Summer Family Picnic, Happy Hours, extra days off, and more.

TEAM COMRADERY

With tremendous growth and an expanding remote workforce, hosting events that bring together all employees is imperative to foster a family-like atmosphere. These events include virtual game nights, team lunches, remote groups, Tax/A&A families, and more.

HYBRID WORK

SAX allows all team members to work in and out of the office as it fits their unique circumstances. This ensures that the team sustains a work/life balance.

RECOGNITION

SAX is proud to highlight the accomplishments of team members throughout the year. This is done by promoting from within, acknowledging those who embody the firm’s core values, presenting Service Awards celebrating work milestones and anniversaries, and issuing “Great Cards” to reward those employees who go above and beyond on projects.

HEALTH & WELLNESS

SAX believes in investing in the health and wellness of its most valuable asset—its employees. Throughout the year, SAX facilitates events and webinars designed to improve the physical and mental health of employees. This includes walking challenges, wellness webinars, and a healthy living reimbursement.

CAREER DEVELOPMENT

C y t i r g e t n I t c e p s e R m o C y t i r g e t n I ps ect

SAX offers team members of all levels ongoing career development opportunities to sharpen their professional skills to help them reach their unique career goals. This includes investing in technologies such as RSM My Learning, LCvista, and LumiQ, in addition to existing programs such as Pathway to Success, providing mentorship and coaching from a performance manager, and an in-depth evaluation process.

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e c c e x p s E t n Re e m t i m m o C y t i r g e t n I ps ect COMMUNITY INVOLVEMENT

SAX believes that success goes hand in hand with a commitment to making a positive impact in the communities the firm serves. Yearly, SAX offers team members a PTO day to volunteer at a charity of their choosing and facilitates fundraisers for local nonprofits.

PROFESSIONAL ORGANIZATION OF WOMEN FOR EMPOWERMENT & RESULTS (P.O.W.E.R.)

The mission of SAX’s P.O.W.E.R. group is to support women employees, embrace inclusiveness, and collectively address a woman’s role in the evolving business environment. The group focuses on its Four Pillars: Professional Development, Networking, Community Outreach, and Support.

EMPLOYEE MATCH

SAX believes in the power of giving back. For all internal fundraisers, SAX matches each employee’s donation dollar for dollar. Some popular fundraisers are the Beer and Wine Basket Raffle benefiting the American Cancer Society and the annual 4 MILER benefiting St. Joseph’s Children’s Hospital.

y t i r g e t n I t c e p s e R e c n e ll e C c x y t E i r t g n e t e n m t I i m t c e p s Com e R e c n e m ll m e o c x C E y t t i n r e g e m t t i n m I m t c e p s e m R t i e m c m n o e ll C e c Ex rity FLEXIBILITY

SAX embraces each team member’s unique lifestyle and provides flexibility through the Customized Work Arrangement (C.W.A.) program and generous PTO packages for all employees, including unlimited PTO for those at the manager level and above.

DEI INITIATIVE

SAX is proud to announce its commitment to Diversity, Equity, and Inclusion (DEI). With an unwavering dedication to fostering a workplace that champions diversity in all its forms, the company has launched a comprehensive DEI initiative to foster a diverse workforce, ensure equal opportunities, and create an inclusive culture.

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THE SAX FAMILY SAX greatly values its people and takes pride in fostering a family-like culture.

To showcase appreciation for their hard work and unwavering commitment, the firm organizes events that bring team members and their families together.

These gatherings, such as post-deadline happy hours, virtual game nights, team dinners, and more, serve as a testament to SAX’s belief that a supportive work environment extends beyond the office walls, acknowledging the importance of work-life balance and the significance of personal connections.

India Office Opening Ceremony

2023 kicked off with a significant milestone as SAX celebrated the opening of its first international office, a spacious 12,500 square-foot facility centrally located in Mumbai, India. During the ceremony, CEO and Managing Partner Joseph Damiano, along with Partner Shivani Jain, participated in cultural traditions such as lighting a lamp and the Puja.

“SAX has grown exponentially within the last decade, which is a testament to the 28 | SAX 2023 YEAR IN REVIEW

skill and proficiency of our team members,” said Shivani Jain, Head of SAX’s Tax Practice. “Mumbai has a significant pool of adept professionals with U.S. accounting, audit, and tax expertise. Opening our first office outside the United States provides significant growth opportunities for our firm as we look to expand our footprint internationally. It has been an absolute thrill for me to be a part of the firm’s entrance into India, and the global community overall.”

Firm Family Picnic

This summer, SAX once again brought together its team members and their families for a day of fun at the headquarters in Parsippany, NJ, during the annual Family Picnic. Under the sun, SAX team members relished a catered lunch and engaged in family-fun festivities

that included inflatable obstacle courses, face painters, balloon artists, cornhole, and more. Beyond the local team, with the SAX family spanning globally, the picnic served as a day employees could forge connections with their out-of-state colleagues, all while enjoying quality time with their loved ones.

SAX 2023 YEAR IN REVIEW | 29

THE SAX FAMILY

End of Year Celebration

CONT.

This year's End of Year Celebration was an exciting gathering that recognized the achievements of the SAX team. The evening began with Joe Damiano, SAX CEO and Managing Partner, extending acknowledgments to retiring partners, welcoming incoming partners, and presenting team member Service Awards.

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Following this, team members enjoyed each other's company with dinner and dancing. More than just an event, SAX's annual Celebration is the culmination of a successful year, offering team members a chance to relax, connect with colleagues, and revel in collective success.

We congratulate our SAX family on their new additions!

Patrick Brady welcomed Emmett Shawn on January 17

Michael Penberg welcomed Nicholas Andrew on January 22

Margaret Henn welcomed Warren Bryant on April 5

Brandon Chinchilla welcomed Layla Belle on May 24

Igor Petrovic welcomed Talia on June 15

Henry Alas welcomed Adam on June 22

Steven Press welcomed Wyatt David on July 24

Nicole Sinatra welcomed Cole Matthew on August 9

William Happe welcomed Peyton May on October 18

Steven Sperling welcomed Kayla Isabelle on December 8

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m m t t i i m m m o C Com y t i r g e t n t I c e t p c e s p e s e R e c n e ne ce R ll e c x E t n e m n t e i m m t i m o m m C o C y t i r y t g i r g nte e t n I t c e p e s p e s e R R e c e n c e n e ll e ll c e x c x E E t n e m t i t m n e m o m t C i m y m t i o r C g e t y n t i I r g e t n I t c e I p t s saxllp.com c e e p R s e e c R n e e ll c e n c e ll e Ex c x E t n e e m m t t i i m m m m o o C C y t i r g e egrity t n I t c e p s e R e R c e n c e n ll e e c ll x e c x E t E n e m t i m m o m C o C y t i r y t g i e r t g n e t n I ep ct I t c e p s e R e c e n c e n e ll e ll c e x c x E E t n e mt ent itm NEW JERSEY | NEW YORK | MUMBAI