NEW YORK, NY (December 16, 2021) – The American Institute of CPAs (AICPA) has honored Alan Sobel, CPA, CGMA, managing member of the firm at SobelCo, LLC and president of the of the New Jersey Society of CPAs (NJCPA), with its Special Recognition Award for his leadership and innovation in bringing about a new law in New Jersey – the Pass-Through Business Alternative Tax Act.
Since 1999, the AICPA has bestowed the award upon individuals who have performed or contributed to the success of a particular project or initiative of an outstanding nature.
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. And his passion to assist businesses taxed as flow through entities in the wake of the Tax Cuts and Jobs Act (TCJA) and its state and local tax deduction cap, drove his tireless work with New Jersey legislature and the NJCPA to inform Governor Murphy’s office about the importance of the bill to business owners. This initiative is poised to collec¬tively save New Jersey business owners between $200 and $400 million annually. Governor Murphy signed the bill into law, and it is effective starting with the 2020 tax year.
As the 2020/21 president of the NJCPA, Sobel is dedicated to engaging with all levels of accounting professionals. Not only does he lead by example, but he encourages others to lead as well. Prior to becoming president, he had a rich volunteer history with the NJCPA, including being a member of the Diversity & Inclusion Task Force and the State Taxation Task Force; chair of the Audit Committee; president, secretary and director of the Essex Chapter; member of the Scholarship, Strategic Planning and Retirement Savings committees; and member of the New Jersey CPA Political Action Committee. Sobel is also a member of the AICPA Council and previously served on its Joint Trial Board.
“Alan’s unwavering commitment to improve the lives of his clients and other business owners throughout the Garden State is admired and respected by his peers at the NJCPA, AICPA, and other state CPA societies and the business community,” said Barry C. Melancon, CPA, CGMA, president and CEO of the AICPA. “He exemplifies the power of combining the core competencies of the CPA with specialized subject matter expertise.”
This year’s Special Recognition Award was presented to Sobel at a meeting of the organization’s Board in New York on December 16.
About the Association of International Certified Professional Accountants, and AICPA & CIMA
The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 696,000 AICPA and CIMA members, students and engaged professionals in 192 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.
The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.
The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.