Less than a week after calling off a planned merger with Eide Bailly, Wipfli said Tuesday that the partners and associates of Wisconsin-based Tobin & Associates have joined the firm.
Tobin & Associates, founded in 1993, is a cost segregation firm that helps business clients across the country maximize their depreciation for federal income tax purposes. Tobin & Associates’ leader, Craig Tobin, will be based out of Wipfli’s Milwaukee office, along with his firm’s other associates. Financial terms of the deal were not disclosed.
“As the economy has presented major challenges to businesses over the past few years, the need to generate tax savings has significantly increased,” said John Schwab, the partner-in-charge of Wipfli’s construction and real estate industry practice. “For those companies that own real estate or property, cost segregation studies are a great opportunity to recognize savings. Wipfli has provided cost segregation services through experienced in-house resources for the last few years. Through the combination of Tobin & Associates and Wipfli’s existing cost segregation practice, we will deepen our team’s expertise and resources to serve our ever-growing client base.”
Wipfli was planning a much larger merger with Eide Bailly that was scheduled to take effect in June and create a $314 million firm to be called EB Wipfli before the two firms called off the deal last Friday (see Eide Bailly and Wipfli Cancel Merger Plans).
Wipfli ranked 26th on Accounting Today’s 2011 list of the Top 100 Firms, with $114 million in annual revenue.