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

There’s a favorable “stepped-up basis” if you inherit property

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”)

What records can you throw away after filing?

Paperwork you can toss after filing your tax return

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how

New-and-improved accounting rules for common control leases

On March 27, 2023, the Financial Accounting Standards Board (FASB) published narrowly drawn amendments to the lease accounting rules. The

How to get more from your company’s income statement

What do you do with your financial statements after your CPA delivers them? If you’re like most business owners and

Demystifying deferred taxes

Deferred taxes are a confusing topic — and the accounting rules for reporting these items often seem to defy the

Are Your Employees Engaged? Does it Matter?

Are Your Employees Engaged? Does it Matter? Most small business owners know the frustration of hiring the wrong person

Close-up on sources of substantive audit evidence

Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness

Tap into specialized functions in QuickBooks

QuickBooks® provides an all-in-one solution that helps some small and medium-sized businesses manage their finances. While QuickBooks provides the accounting