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

2022 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep

Consider stress testing to lower risks

The pandemic and the ensuing economic turmoil have put tremendous stress on businesses. Many companies that appeared healthy on the

Upcoming IRS Mileage Rate Increase – Keeping up with Rising Gasoline Costs

Alert! The Internal Revenue Service has announced an increase in the optional standard mileage rate for the remainder of 2022.

Five tax implications of divorce

Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several

Your estate plan: Don’t forget about income tax planning

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to

Court is in Session – Will Ohio Municipalities Grant Refunds for 2020 Municipal Income Tax?

The Ohio Supreme Court stated on Tuesday that it will hear Schaad v. Alder, one of five municipal income tax

Warning for retailers and other businesses using the LIFO method

Recent supply shortages may cause unexpected problems for some businesses that use the last-in, first-out (LIFO) method for their inventory.

Private business owners: Don’t wait until year end to evaluate financial performance

How often does your company generate a full set of financial statements? It’s common for smaller businesses to issue only

Social Security benefits: Do you have to pay tax on them?

Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on

Dig deeper! Find hidden treasure in financial statement footnotes

Numbers tell only part of the story. Comprehensive footnote disclosures, which are found at the end of reviewed and audited

Is it a good time for a Roth conversion?

The downturn in the stock market may have caused the value of your retirement account to decrease. But if you

Contingent liabilities: To report or not to report?

Disclosure of contingent liabilities — such as those associated with pending litigation or government investigations — is a gray area

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