Insights

Tax Day Is Behind Us … What’s Next?

Tax Day Is Behind Us … What’s Next?


Apr 27, 2016
Financial Institutions

April 15 (or this year, April 18) is a big day for many people, including a number of public accountants. It seems, though, that some people believe we don’t have much to do for the rest of the year, which couldn’t be further from the truth. Yes, we put in a lot of time and effort to get all of the tax returns filed, but some of our best and most exciting work comes after Tax Day is over.

Some of us will take a little time off to recuperate from all the hours put in prior to April 15. Then it’s time to get to work again. We may have to clean up some of the returns that didn’t get done and were extended.  More important, we can spend time working with our clients to begin planning for next year’s tax returns, taking advantage of opportunities that may be available and minimizing the amount that will have to be paid in the year to come.

Financial institutions need to find time and devote resources to “cleaning up” too. Sometimes there are very important tasks that nobody has time or wants to do, but they need to be done, just like the extended returns that still need to be filed. Institutions also need to make time to plan so all of the opportunities available are seized and we can maximize the value we bring to those we serve and, consequently, to our own institutions.

Public accountants have an “off season” (at least in theory!) when we can devote time to these important tasks, but most financial institutions do not have this luxury. If you are finding yourself short of time and resources to accomplish these and other important tasks, let us know by contacting your Wipfli relationship executive or sending an email to WipfliFiPractice@wipfli.com. We will be happy to help make sure no opportunities are passing you by!

Author(s)

Schwantes_Brett
Brett D. Schwantes, CPA
Senior Manager
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