Whalen CPAs: Blog

Discover Our Thoughts on Important Accounting Topics.

We understand that constantly changing tax laws can get confusing. That is why we keep our blog updated on tax policies that could affect the life and business of our clients. If you have any questions regarding an article featured on our blog, please contact the experts at Whalen CPAs for more information. Want info delivered right to your inbox – Subscribe Now

The standard business mileage rate increased in 2025

The nationwide price of gas is slightly higher than it was a year ago, and the 2025 optional standard mileage

Do you have questions about taking IRA withdrawals? We’ve got answers

Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) —

Maximize your 401(k) in 2025: Smart strategies for a secure retirement

Maximize your 401(k) plan in 2025: Smart strategies for a secure retirement

Saving for retirement is a crucial financial goal, and a 401(k) plan is one of the most effective tools for

Fraud risk assessment: Audit fieldwork. What auditors watch for

Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall

Balancing the books: Regular bank reconciliations are essential for a successful business

How often do you reconcile your company’s internal financial records against your bank statements? Bank reconciliations are an essential internal

What are retained earnings — and why do they matter?

Owners’ equity is the difference between the assets and liabilities reported on your company’s balance sheet. It’s generally composed of

Get tax breaks for energy-saving purchases this year because they may disappear

The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want

Chart a course for success with a detailed chart of accounts

A chart of accounts is the foundation of accurate financial reporting, so it needs to be set up correctly. A

Identify reasons your company’s pretax profits may differ from its taxable income

Identify reasons your company’s pretax profit may differ from its taxable income

The pretax (accounting) profit that’s reported on your company’s income statement is an important metric. Lenders, investors, and other stakeholders

How to report contingent liabilities in your company’s financial statements

It’s critical for business owners and managers to understand how to present contingent liabilities accurately in the financial statements. Under

5 reasons outsourced bookkeeping tasks could be beneficial

Running a closely held business is challenging. Owners usually prioritize core business operations — such as managing employees, serving customers

Estate Planning & Social Security Workshop – Anne Treasure & David Reiniger

Here is a comprehensive overview of the key considerations for Estate Planning and Social Security based on our workshop. Estate

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