The New Jersey Society of Certified Public Accountants (NJCPA) has named Alan D. Sobel, CPA, CGMA, managing member of the firm SobelCo, LLC, in Livingston, president for the 2020/21 term. Sobel replaces Kyle M. Sell, CPA, MBA, audit partner at Deloitte & Touche LLP in Parsippany.
Known for his passion to help small and midsize businesses, Sobel led the charge for the passage of the Pass-Through Business Alternative Income Tax Act, which allows pass-through businesses to pay New Jersey income taxes at the entity level instead of at the personal level. Recognizing a way to assist businesses in the wake of the Tax Cuts and Jobs Act (TCJA), Sobel worked with New Jersey legislature and the NJCPA to inform Governor Murphy’s office about the initiative, leading to its signage into law on Jan. 13. The legislation is expected to save taxpayers between $200 and $400 million annually.
As NJCPA president, Sobel will focus on inspiring members to make themselves heard in the business community and in New Jersey legislature, and will assist fellow CPAs to engage more with each other. “New Jersey can benefit greatly by the collective wisdom, ideas and intellect of our CPA community. CPAs work tirelessly to ensure all kinds of businesses receive fair tax and economic advantages,” Sobel said.
“Alan’s leadership was always noted at the NJCPA, but this past year we were thrilled to witness his accomplishments at the state level. In developing the pass-through entity legislation, Alan showed how commitment and drive can overcome many obstacles. He has encouraged many CPAs to follow in his footsteps,” said Ralph Albert Thomas, CPA (DC), CGMA, CEO and executive director at the NJCPA.
A member of the NJCPA since 1987, Sobel was a former vice president, trustee and chairman of the NJCPA Audit Committee and was a past president of the NJCPA Essex Chapter. He was also a recipient of the organization’s Distinguished Service Medallion in 2018. Sobel has been managing member of SobelCo since 1996, specializing in advising family owned and closely held businesses in financial reporting and tax as well as consulting on merger and acquisition structuring, due diligence and financing. His father, Bernard Sobel, founded the firm in 1956.
Sobel earned his B.S. in accounting at Bentley University and his M.S. in taxation from Fairleigh Dickinson University. He and his wife, Dana, live in Rockaway. They have three daughters, Emily Grise (Brian), Sarah and Rebecca.
To access more business news, visit NJB News Now.Related Articles: