With the arrival of fall, it’s an ideal time to begin implementing tax strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 … The post Tax Strategies: Make year-end tax planning moves before it’s too late! appeared first on Whalen & Company, CPAs ..read more

Timing is critical in financial reporting. Under accrual-basis accounting, the end of the accounting period serves as a “cutoff” for when companies recognize revenue and expenses. However, some companies may be tempted to play timing games, especially at year-end, to boost financial results or lower taxes. Observing the end-of-period cutoffs Under U.S. Generally Accepted Accounting … The post Cutoffs: When to report revenue and expenses appeared first on Whalen & Company, CPAs ..read more

For many years, the ODA has reported on their vigilant attempts to silence the “silent PPO.” Also known as ghost or blind PPOs, these revenue-stealing entities are disallowed in Ohio (Moore, 2015; 2024). Under Ohio law (Ohio Revised Code 3963), PPO’s are prohibited from giving, renting, or selling their participating dentists’ services unless one of … The post Silent PPOs appeared first on Whalen & Company, CPAs ..read more

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in management, professional, and related occupations works from home. Your status matters If … The post Is your home office a tax haven? Here are the rules for deductions appeared first on Whalen & Company, CPAs ..read more

Key Points from Dr. Bezbatchenko’s Interview Career Transition and Specialization Motivation: Dr. Bezbatchenko specialized in TMJD and dental sleep therapy to provide more comprehensive care to his patients. Continuous Learning: He actively pursued additional education and certifications to stay up-to-date in his field. Business and Practice Management Referrals: Building relationships with other healthcare professionals was … The post 03:Whalen Wisdom Hub – Interview with Dr.Bez – Niche Practices and Ownership appeared first on Whalen & Company, CPAs ..read more

Is your company planning to hire a new CFO? A recent survey found that hiring managers look for more than financial acumen when vetting CFO candidates. In fact, only 38.5% of CFOs at Fortune 500 and S&P 500 companies were licensed CPAs in 2023, according to executive recruiting firm Crist Kolder. What other skills may … The post CFO candidates need more than accounting skills appeared first on Whalen & Company, CPAs ..read more

The average cost of a data breach has reached $4.88 million, up 10% from last year, according to a recent report. As businesses increasingly rely on technology, cyberattacks are becoming more sophisticated and aggressive, and risks are increasing. What can your organization do to protect its profits and assets from cyberthreats? Recent report In August … The post Strong internal controls and audits can help safeguard against data breach appeared first on Whalen & Company, CPAs ..read more

Proactive working capital management is essential to successful business operations. However, on average, businesses aren’t managing their working capital as efficiently as they have in the past, according to a new study by The Hackett Group, a digital transformation and AI strategy consulting firm. The study found that all elements of the cash conversion cycle … The post Take charge of working capital management appeared first on Whalen & Company, CPAs ..read more

Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains, … The post Do you owe estimated taxes? If so, when is the next one due? appeared first on Whalen & Company, CPAs ..read more

Accurate financial statements are essential to making informed business decisions. So, managers and other stakeholders may express concern when a company restates its financial results. Before jumping to premature conclusions, however, it’s important to dig deeper to evaluate what happened. Uptick in restatements  In June 2024, the Center for Audit Quality (CAQ) reported a recent … The post Public policy organization reports increase in financial restatements appeared first on Whalen & Company, CPAs ..read more