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

Seller-paid points: Can homeowners deduct them?

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but

Is your income high enough to owe two extra taxes?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax

Why auditors prefer in-person interviews to assess fraud risks

Auditing standards require financial statement auditors to identify and assess the risks of material misstatement due to fraud — and

Is your current bad debt allowance reasonable?

In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts.

The Inflation Reduction Act: what’s in it for you?

You may have heard that the Inflation Reduction Act (IRA), a remnant of Biden’s build back better plan, was signed

New law puts “book income” in the crosshairs

The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule

Self-employed? Build a nest egg with a solo 401(k) plan

Do you own a successful small business with no employees and want to set up a retirement plan? Or do

Cyber risks: A critical part of your auditor’s risk assessment

As businesses and not-for-profit entities increasingly rely on technology, cyberthreats are becoming more sophisticated and aggressive. Auditors must factor these

Estimated tax payments: Who owes them and when is the next one due?

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated

How external confirmations are used during an audit

Auditors commonly use confirmations to verify such items as cash, accounts receivable, accounts payable, employee benefit plans and pending litigation.

Is your withholding adequate? Here’s how to check

When you filed your federal tax return this year, were you surprised to find you owed money? You might want

Three tax breaks for small businesses

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to

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