William Lipkea, CPA, Joins Terry Lockridge & Dunn as Manager

Terry Lockridge & Dunn is pleased to announce that William Lipkea, CPA, has joined the firm in the position of Manager. Lipkea most recently worked for five years in the TransAmerica Corporate Tax Department, where he had extensive experience with multi-state business returns and also managed a large State Investment Credit portfolio. Prior to that he spent six years in public accounting; including experience at McGladrey & Pullen in Iowa City and Redmond & Associates in Cedar Rapids. Lipkea is a graduate of the University of Iowa with a BBS in accounting.

“Bill’s multi-state tax experience will be a significant benefit to our clients,” said firm founder, Tim Terry. “States have different tax rates and apportionment methods, which gives rise to significant tax planning opportunities.” For instance, some states do not impose state income taxes at all, while certain others have relatively low rates. If a company can allocate income to such states, significant savings can be obtained.

Multi-state income taxation is an issue that affects many companies, some of whom probably don't even realize it. Additionally, businesses may be required to file returns in more than one state, or be liable for interest and penalties for both failure to file and failure to pay as well as the unpaid income taxes.

Please contact us if you have questions about this or other personal or business tax matters.