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

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

Maximize your year-end giving with gifts that offer tax benefits – federal gift taxes

As the end of the year approaches, many people start to think about their finances and tax strategies. One effective

Eyes on the income statement

When reviewing their income statements, business owners tend to focus on profits (or losses). However, focusing solely on the bottom

Tax Strategies: Make year-end tax planning moves before it’s too late!

With the arrival of fall, it’s an ideal time to begin implementing tax strategies that could reduce your tax burden

Cutoffs: When to report revenue and expenses

Timing is critical in financial reporting. Under accrual-basis accounting, the end of the accounting period serves as a “cutoff” for

Silent PPO – Dental News Client Alert

For many years, the ODA has reported on their vigilant attempts to silence the "silent PPO." Also known as ghost

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