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

Deciding between cash and accrual accounting methods

Small businesses may start off using the cash-basis method of accounting. But many eventually convert to accrual-basis reporting to conform

Timing counts: Reporting subsequent events

Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change or the loss of a

The tax rules of renting out a vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the

Eyes on related parties

Business transactions with related parties — such as friends, relatives, parent companies, subsidiaries and affiliated entities — may sometimes happen

When inheriting money, be aware of “income in respect of a decedent” issues

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those

City of Columbus and Franklin County have joined to provide $8 million dollars to help small business through the pandemic – Here is how to apply.

That’s right! Columbus has announced that they will be allocating an additional $8 million to a grant program for small

Lost your job? Here are the tax aspects of an employee termination

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from

The election to apply the research tax credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax

Are you ready for the new disclosure requirements for government assistance?

Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee

February Short Bits

MATH ERRORS The IRS had a record-setting year in 2021 for sending notices to taxpayers who made math errors on

Are you ready for the 2021 gift tax return deadline?

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re

4 levels of audit opinions

The first page of audited financial statements is the auditor’s report. This is an important part of the financials that

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