Whalen CPAs: Firm News

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The ins and outs of Series EE savings bond taxation

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at

How inflation could affect your financial statements

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according

IRA charitable donations: An alternative to taxable required distributions

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider

Forecasts vs. projections: What’s the big difference?

Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make

Caring for an elderly relative? You may be eligible for tax breaks

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible

Management letters: Follow up on your auditor’s recommendations

Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being

Valuable gifts to charity may require an appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and

Do you know the signs of financial distress in a business?

Financial statements tell only part of the story. Investors, lenders and other stakeholders who know how to identify red flags

The tax mechanics involved in the sale of trade or business property

What are the tax consequences of selling property used in your trade or business? There are many rules that can

Leveraging internal audits

Many companies have an internal audit department that tests whether the organization is accurately reporting financial results and complying with

Thinking about converting your home into a rental property?

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If

Goodwill in a bad economy

In today’s volatile economy, many businesses and nonprofits have been required to write down the value of acquired goodwill on

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