It’s during this time of year that college football season is moving past its powderpuff non-conference matchups and into the part of every school’s schedule that reels even the most passive of alumni back into the fold of school spirit. Whether it’s the renewal of a timeless rivalry à la the "Border War" between Mizzou and Kansas or just the early season optimism of a power 5 conference hopeful like No. 11 Indiana, people everywhere (regardless of age, profession, ethnicity, or creed) are joining together to celebrate their collective history and exhibit a shared passion for an institution that exists outside the constraints of time. The National Football League (NFL) season, including all the fantasy sports and sports wagering it engenders, is also well underway. Monday night, Thursday night, and all of Sunday, hope, excitement, skepticism, and despondency abound as die-hard and fair-weather fans alike try to use the most recent game’s results to assess their team’s chances of bringing home the coveted Lombardi Trophy at the end of the season.
But it’s not just football, in the WNBA, Minnesota’s Lynx before they were eliminated, were vying for a record-breaking 5th championship and the upstart Indiana Fever, even without phenom Caitlin Clark, are trying to make a serious run at the championship by putting the WNBA’s current juggernaut, the Las Vegas Aces, through the paces. The competitive fire and quest for excellence displayed by these teams on the hardwood game after game is not to be missed. Add to all of this the fact that MLB is about to start its playoffs where every playoff team is hoping for a potential World Series title run. Even for the casual fan and those whose teams have long-since been eliminated from post-season contention, baseball in October and the players’ relentless pursuit of a World Series ring is entertainment at its highest level. Meanwhile, even though it’s only pre-season action at this point, the NHL is also off and running and preseason NBA games start later this week! Cities everywhere are beginning to feel the familiar (and not so familiar in the case of the newly minted Utah Mammoth) low thrum of enthusiasm that the chase for a Stanley Cup inevitably brings.
Amid all this spectacular entertainment and athleticism, the end of the 3rd quarter and the beginning of the 4th quarter of the year is rapidly approaching. As a result, businesses, individuals, and law firms everywhere are shifting things into high gear to get significant mergers, acquisitions, estate planning, and tax planning finalized by the time the financial books are closed on 2025. The end of the calendar year (assuming, in most cases, it aligns with the fiscal year) is perhaps the most opportune time for both buyers and sellers. Sellers get to start the new year fresh with the business or assets being sold no longer on their books; buyers likewise get to start the year fresh with control over the new business or assets and their interplay with their existing assets. And, there is a clean cutoff without the complications of a straddle period for tax purposes for either party.
As gift tax and estate tax exemptions tend to fluctuate from year to year, the end of the calendar year is similarly an important time for individuals to ensure they’ve maximized the exemptions available to them in a given year.
All of this adds up to a flurry of excitement, ideas, collaboration, and the realization of significant long-term goals for many during this relatively small window in the calendar. Couple this with the fact that you can find a major sporting event going on live down the street or at your fingertips on TV every night of the week (not to mention Halloween, Thanksgiving, and the other holidays right around the corner), and you get the best “season” of the year.
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