Whalen CPAs: Firm News

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Prepare now for a more efficient audit

Audit preparation should begin long before fieldwork starts. Giving your accounting team and external auditor time to address significant transactions,

Working teens can maximize the power of tax‑deferred — or tax-free — compounding with an IRA

Retirement is far from most teenagers’ minds when they get their first jobs. Most young people are more interested in

4 tips to help seasonal businesses enhance cash-flow management

Most businesses experience cash-flow fluctuations, but the swings can be especially intense for seasonal businesses. Revenue may rise sharply during

Build credibility with audited financial statements

A financial statement audit can give lenders, investors and other stakeholders greater confidence in your business’s financial reporting. But not

Understanding deferred taxes: Why book income and taxable income don’t always match

Deferred taxes remain one of the more misunderstood areas of financial reporting. Deferred tax assets and liabilities generally reflect temporary

Take control of working capital

A profitable business can still run short of cash. Receivables may take time to collect, inventory can tie up funds

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

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