Adina Khan is a principal in the Berdon LLP tax department in Jericho. Khan has more than 15 years experience in public accounting. She advises high net worth individuals as well as businesses in the real estate, service, and private equity sectors, among other areas
To help guide high net worth individuals and their families, Khan seeks to understand their wider picture — business interests, family circumstances, health and medical issues, educational needs of children and grandchildren, and the myriad other issues that factor in to their lives. She then identifies and pursues tax planning opportunities to help preserve and grow their personal wealth.
For clients looking to transfer wealth out of their estates, Khan examines gifting documents and trust instruments to help ensure the appropriate disclosures are made on the gift tax returns. She also provides tax compliance and consulting services to individuals, partnerships, corporations, trusts, and foundations.
For businesses, she reviews partnership agreements to determine the proper allocation of income. Khan’s experience extends to representing clients in both federal and state audits and she takes an active hand in helping to resolve compliance issues.
“For high net worth clients, the 3.8% Medicare tax continues to figure prominently in their concerns and in my planning for them. The 3.8% tax on net investment income applies to unincorporated taxpayers — basically individuals, estates and certain trusts — with modified adjusted gross income in excess of $250,000 for married filing jointly, $125,000 for married filing separately, and $200,000 for other taxpayers.”
“I advise them on the types of income that are excluded from this tax such as qualified retirement plan distributions, active trade or business income, and gain on sale of principal residence to the extent the gain is excluded from gross income. I also alert them to caveats, such as foreign income taxes which are not creditable against the 3.8% tax.”
To help clients find ways to cut back on the impact of the 3.8% tax, Khan discusses a wide array of considerations and approaches and how they might fit into their particular situation.
“One such way is to harvest capital losses to offset capital gains that are subject to the tax. Other ideas include tax-exempt investments, investing in growth stocks that do not pay dividends, whole life insurance policies.”
Khan earned a Bachelor of Business Administration, Summa Cum Laude and a Master of Science in Taxation from Baruch College. She is licensed as a CPA in New York State and is a member of the New York State Society of Certified Public Accountants.
Khan recently participated in the Workplace Challenge to benefit the Long Island Children’s Museum, Harry Chapin Food Bank, and the Children’s Medical Fund.
Berdon LLP is consistently ranked by trade and consumer publications among the nation’s top CPA and advisory firms. With nearly 400 professionals and staff — at offices in Jericho and New York City — clients can access a comprehensive array of accounting, tax, financial, and management advisory services. Through its specialized expertise and dedicated service teams, Berdon advises on almost every aspect of a business at any stage of development — from startup through growth, diversification, and succession. If needs cross international borders, Berdon service extends worldwide through membership in TIAG, a global alliance of more than 110 independent accounting firms in over 60 countries, as well as its sister alliance of independent law firms, TAGLaw.