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

Have you made contributions to charity this year? Are you considering making more? If so, it’s important to be familiar with the tax rules so you can maximize your tax benefit — or at least avoid finding out at tax filing time that your charitable deductions are smaller than you expected. What you donate affects how much you can deduct and the limits that apply. For example, cash donations are generally deductible up to 60% of adjusted gross income (AGI) while property donation deductions are typically limited to 30% or 50% of AGI. And nonitemizers can deduct only cash gifts, subject to a $1,000 limit ($2,000 if married filing jointly).

How do donations impact your tax deductions

Have you already made contributions to charity this year? Are you considering making more between now and year end? If

Before you spend lottery or other winning, understand the tax rules

Before you spend lottery, gambling or other winnings, understand the tax rules

It’s easy to focus on the excitement of a big win. But federal tax law generally treats lottery prizes, gambling

How a financial statement audit strengthens your fraud defenses

Fraud is a major threat facing small and midsize businesses. While audits aren’t designed to uncover fraud, they can help

Whalen CPAs Announces T.J. Lowry as Vice President of Audit Services

Whalen CPAs is proud to announce that T.J. Lowry has been promoted to Vice President of Audit Services and named

Balancing financial reporting needs with compliance costs

Issuing financial statements that comply with U.S. Generally Accepted Accounting Principles (GAAP) requires significant time, expertise and resources. Although lenders

When the sale of an appreciated home triggers taxes — and when it doesn’t

Home values have risen significantly in many areas of the country over the last several years, leaving some homeowners with

Accounting for business combinations

Mergers and acquisitions (M&A) provide growth opportunities. But these transactions also introduce accounting complexities. Here’s a closer look at the

Rethink inventory management

For many businesses, inventory is one of the largest and most expensive assets to maintain. Beyond the cost of purchasing

The “kiddie tax” can apply long after childhood

Many parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it also

Managing overhead costs today

Persistent inflation, elevated interest rates and volatile energy costs continue to squeeze profit margins for many small and midsize businesses.

Protect yourself from fraudsters impersonating the IRS and other tax scams

Tax scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create

How to make financial reports easier for stakeholders to understand

Financial statements are essential tools for evaluating performance, planning for growth and managing risk. Yet many business owners, board members,

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