Insights

Once a Year

Once a Year


Jun 29, 2016
Financial Institutions

I am from a very small town in North Dakota, and it is still my favorite place to be on the 4th of July. The population triples, and there is more going on during that week than during the rest of the year altogether. There are street dances, a demolition derby, and school/family reunions. Everyone walks to the main street to watch the parade that morning, and then they drive 10 miles to watch the exact same parade again in our neighboring town. Family barbeques are an expectation, and no one misses the fireworks in the park that night.

For many people who have moved away, this is the one time of year they make an effort to get back to visit. The rest of the year it is just a sleepy town of 1,200 people (on a good day), with everyone going back to their routine.

The 4th of July comes just once a year. The same does not need to be true of meeting with your tax advisor. Around year-end, taxes are a hot topic. For various reasons, tax planning is often put off until the last minute. But are there things we can be doing now? Last year the PATH Act extended many tax provisions and even put some into place permanently. This year we will not have to wait until year-end for many of our extenders. 

What about the rest of the year? After today we are halfway through 2016. As you meet with your Wipfli relationship executive this summer, be sure to put tax planning on the agenda. Wipfli has a team of experts who can help with all of your tax questions, as well as help you to develop short- and long-term strategies for tax planning. Whether you are considering ownership changes, doing renovations, considering acquisitions, or just going about business as usual, we are here to help—more than just once a year!

Author(s)

Massopust_Kim
Kimberly Massopust, CPA
Senior Manager
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