Curry says the firm persevered and eventually broke
through that barrier. “New York City’s construction mar-
ket was quite robust while New Jersey had been
slower to recover from the 2008 economic downturn.
Sax maximized on every opportunity given in the New
York market and demonstrated results and expertise
right out of the gate,” said Curry.
Today, the practice sees most new growth coming in
from Manhattan and the boroughs.
Sax’s Construction Practice assists emerging market,
large ENR 400, specialty, general and heavy/highway
contractors to effectively minimize tax liability and max-
imize their bonding capacity. Curry adds, “What sets
Sax’s construction practice apart from many other ac-
counting firms is the specialized services that include
internal control and organizational analysis; surety con-
sulting; benchmark studies; profit enhancement; state
and local tax advisory; business succession; and
wealth preservation planning.”
Sax aims to be its clients’ most trusted advisors, he
says, not just on the tax and accounting side but in all
areas of business. “Strong client relationships are built
on trust, a demonstrated understanding of clients’ busi-
nesses, and proven results through customized solu-
tions to meet their goals and objectives. Our advisors
take pride in being the first call their client’s make when
weighing an important decision, and they work to en-
hance their client’s growth and limit their risk at every
turn. This is an inherent mindset for the firm.”
Both Luzaj and Curry concur that the construction in-
dustry is very unique compared to other industries, and
has specific accounting rules that must be followed.
Revenue is recognized in a specific way, surety bonds
is a component, and there is a need for working rela-
tionships with surety agents, bankers and attorneys.
“Our advisors are well equipped and informed on the
specific nuances that apply to the construction indus-
try, and has formed long lasting relationships with in-
dustry professionals to best leverage resources and
opportunities,” said Luzaj.
“Economic cycles significantly impact the surety and
banking markets, and there have been ups and downs
through the decades that affect contractors,” Curry
says. “Our advisors have their feet firmly planted in the
industry, and are able to foresee potential obstacles
and guide clients in planning for downturns.”
Today, there is much change pending in the con-
struction industry, and Sax’s construction advisors are
assisting clients in addressing the new revenue recog-
nition procedures and planning for the impacts of the
new tax legislation introduced at the end of 2017.
When ripples to the market like this occur, Curry says
Sax’s main objective is to get out in front of the new
changes to inform and guide clients on the best meas-
ures forward, while identifying new opportunities that
may arise.
In 2016, Sax celebrated its 60th anniversary and in
Sax's 2017 Construction Industry Update event
2017, Sax LLP and Sax Wealth Advisors – Sax’s wealth
management arm – completed three acquisitions that
allowed the firm to expand to four offices between
New York and New Jersey. Sax Wealth Advisors also hit
more than $1 billion in assets under management
(AUM). In 2018, Sax’s Construction Practice will see some
exciting changes as the firm continues to expand its
New York presence and will be moving to a larger office
space in February: 551 Madison Avenue.
For more information on Sax LLP and its Construc-
tion Practice, please visit www.saxllp.com.
New York Construction Report — WINTER 2018 – 7