Whalen CPAs: Firm News

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Owners’ equity is the difference between the assets and liabilities reported on your company’s balance sheet. It’s generally composed of

The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want

A chart of accounts is the foundation of accurate financial reporting, so it needs to be set up correctly. A

The pretax (accounting) profit that’s reported on your company’s income statement is an important metric. Lenders, investors, and other stakeholders

It’s critical for business owners and managers to understand how to present contingent liabilities accurately in the financial statements. Under

Running a closely held business is challenging. Owners usually prioritize core business operations — such as managing employees, serving customers

Here is a comprehensive overview of the key considerations for Estate Planning and Social Security based on our workshop. Estate

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

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

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

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

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