Spotlight on Northern Virginia CPA and Attorney Byoung Jo Kang

Our Spotlight series highlights the careers and lives of tax professionals around the world. This week’s Spotlight is on Byoung Jo Kang, an attorney and certified public accountant with expertise in US and international tax law in Alexandria, Va.

Kang represents domestic and international business entities, US taxpayers at home and abroad, and foreign taxpayers within the US. He also advises high net worth individuals and families, investor groups, multinational companies, and nonprofit entities with corporate taxes, cross-border planning, regulatory and compliance matters, and mergers and acquisitions, among other topics.

In his spare time, Kang enjoys hiking, fly fishing, and cross-country skiing. From time to time, he says, he misses his old motorcycle, sold more than 20 years ago at the insistence of his then-girlfriend, now wife.

What’s your official title and what does it mean? I am the founder and president of B.J. Kang Law, P.C. I opened the firm in 2013 and have served as the principal managing partner from the get-go, which typically means directing the operations of the firm, generating business and clients, and helping clients with their tax and legal matters. I work alongside the firm’s other partner and manage the firm’s professional staff, including other attorneys, tax professionals, and outside counsel.

Free time: book, audiobook, or podcast? Unfortunately, the busy nature of the firm keeps me from having too much free time! But when I get a chance to relax, I usually choose a book.

Tax is a huge subject. What’s your area of special interest? I’m particularly interested in cross-border tax optimization strategies and transactional tax planning. Many of my clients live abroad and/or have international business interests, so understanding (and keeping abreast of) this particular area of tax law is crucial.

What’s the last movie or show that you watched and loved (DVD, Netflix, or in the theater)? I recently watched “Joulutarina” (Christmas Story) on Amazon Prime. It’s not the 1983 comedy film, but a Finnish film by Juha Wuolijoki about the origin of Santa Claus. In many cases, undocumented stories can become legends, but more often than not, stories are created based on legends. With this in mind, I was glad to see that the movie didn’t consume or rewrite the legend of Santa Claus but instead added additional layers to it.

What college did you attend and what did you study? I went to Seoul National University in Korea and studied Korean literature, both in undergraduate and graduate courses. There, I was one of the youngest Ph.D. candidates in the program. I eventually immigrated to the US and entered the law school evening program at Catholic University of America. There, I was one of the oldest students in the program.

Go to pick-me-up: Coffee or tea? Absolutely coffee. I’ll often pick up coffee on my way into the office at one of the local shops in the Del Ray neighborhood of Alexandria.

What’s the best tax or financial advice that anyone ever gave you? The best financial advice I ever received was to diversify my investment portfolio over a long period of time. People tend to forget the importance of buying over time, and instead only emphasize the actual diversification of an investment portfolio. If you find a good stock or believe in a company, don’t buy it just once—buy it over the next few years as well!

If you weren’t working in the tax profession, what would your dream job be? I would’ve become a serial entrepreneur focused on creating myriad solutions, platforms, and service groups. Who knows? I may still become one in the near future.

If you had the opportunity to make one change in the tax world—an extra credit, a disallowed deduction, whatever—what would it be? I would shuffle the income tax brackets. Isn’t it strange that taxpayers making $523,601 or more per year are essentially the only group of taxpayers in this county not worrying about their additional income being subject to a higher tax rate? This is particularly interesting given that a significant portion of taxpayers subject to the highest tax bracket earn well, well over the $523,601 threshold.

Favorite food, snack, or candy during tax season or other busy time?I love Cracker Jack. To me, tax is a lot like baseball. It’s usually slow, needs focus, and is seasonal. So Cracker Jack is the perfect snack during tax season.

What tax news or move made the most impact on your practice or clients this past year? While there were a lot of impactful changes last year, I believe that the changes to the voluntary disclosure program, particularly those related to unreported cryptocurrency transactions, had the biggest impact on the practice and our clients. For many crypto traders, it has been impossible to calculate gains and losses. Without separate forms or new instructions, I am curious how the IRS will prove or disprove certain taxpayer’s gains or losses.

If you received a big tax refund check right now, what would you do with it?I would probably buy myself a new office desk. After my old office was flooded two times—yes, two times—I gave up most of my office furniture and moved to a new office. I’m currently working on an old IKEA conference table—it isn’t bad aesthetically, but nevertheless, I miss my old desk.

You can find out more about Kang on Linkedin.

You can learn more about Kang’s law firm, B.J. Kang Law, PC, on its website.

If you’d like to recommend a tax pro to be featured, send your suggestion to rbaker@bloombergindustry.com with the subject: Spotlight. Please include the following information: tax professional’s name, title, email address, and geographic area (city/state/country).