TINTON FALLS, NJ — Cost Recovery Solutions LLC (CRS), a premier provider of value-added and tax-saving consulting services for commercial property owners and tenants, has promoted Hazem Tawfik to senior project engineer. In this role, Hazem performs comprehensive cost segregation studies that lower tax liability and improve ROI for clients by increasing depreciation deductions on commercial building assets. His responsibilities include identifying all property-related costs that can be depreciated over 5, 7 and 15 years, conducting site inspections, estimating asset costs and performing thorough data analysis using proprietary modeling software. He also performs tangible asset appraisals for various purposes such as purchase price allocations, fixed asset impairment, 1031 exchanges, asset-based financing valuations and acquisition/divestiture consulting. Both service offerings require extensive research to prepare the final reports that support his findings.
Hazem graduated from NJIT with a degree in mechanical engineering, and became interested in working for CRS because, “I enjoyed the prospect of being challenged daily. Combining my engineering skills with learning the world of cost segregation caught my interest. I also enjoy traveling to different parts of the country and abroad for site visits – it helps me get away from my desk!”
“Hazem is a huge asset to the CRS team,” said managing director Rob Rahner. “His enthusiasm, experience and professionalism bring so much to the table, and we are excited to see what he’ll accomplish next as he continues to grow and take on more responsibilities.”
One of Hazem’s ultimate career goals is to become a Certified Cost Segregation Professional (CCSP), the highest level of professional achievement awarded by the American Society of Cost Segregation Professionals (ASCSP). He’s currently an ASCSP member and will be eligible to become certified after seven years in the industry and completing rigorous testing covering technical/engineering, legal, tax, ethical and other relevant industry issues.
Looking to his future with the company, Hazem shares, “It’s great to be part of the CRS family. Starting my career here allowed me to grow into more responsibilities such as more extensive client interaction and supporting business development activities. Learning about different building types and structures is also giving me valuable skills that will help when I decide to build my own home one day. I started at CRS not knowing much about tax incentives and valuation compared to what I know now, and I still enjoy learning more every day.”