Whalen CPAs

10/09/2026

Are you ready for your next financial statement audit? A well-planned audit is typically more efficient, less disruptive and easier to manage than one that relies on last-minute preparation.

Before fieldwork starts, inform your auditor about significant business developments, resolve accounting questions, review last year’s adjustments and control recommendations, and organize supporting documentation.

Complete records, clear responsibilities and prompt responses can help avoid delays and minimize surprises.

Audit challenges often stem from issues that could have been addressed months earlier. Discover some practical ways to help improve readiness.

10/08/2026

Retirement is far from most teenagers’ minds when they get their first jobs. But those early earnings create a significant tax-advantaged savings opportunity. Even modest IRA contributions now can substantially multiply over time.

For example, just $2,000 contributed to an IRA earning 5% annually will grow to nearly $23,000 50 years later.

A Roth IRA can be especially powerful because qualified distributions will be tax-free. For 2026, the annual contribution limit for IRAs is the lesser of taxable compensation or $7,500. 2026 contributions can be made until April 15, 2027, but the income to support them must be earned by Dec. 31, 2026.

Does your working teen have a part-time job or earn income from babysitting, yardwork or other self-employment?

09/21/2026

What do pumpkin patches, ski resorts and ice cream shops have in common? Their revenue ebbs and flows throughout the year, but many costs continue year-round. This can create cash shortfalls.

If you operate a seasonal business, consider these four tips to manage cash flow more effectively: 1) prepare rolling forecasts, 2) use data to plan inventory, staffing and marketing, 3) monitor receivables, inventory and payables, and 4) set aside peak-season cash and arrange financing before it’s needed. After the busy season, compare actual results with your forecast and apply what you learn to the next cycle.

What do pumpkin patches, ski resorts and ice cream shops have in common? They experience seasonal peaks and valleys that can strain resources

09/16/2026

A completed month-end close is not necessarily a useful month-end close.
For healthcare leaders, the real value lies in what the reporting reveals. A strong review should help answer questions such as:

- How are results tracking against expectations?
- What does the current cash position mean for near-term needs?
- Are staffing and operating costs showing meaningful changes?

Which issues require action, discussion, or continued monitoring?

The goal is not simply to produce reports. It is to give practice leaders clearer information for operational and financial decisions.

09/15/2026

An external audit provides reasonable assurance that your financial statements are free from material misstatement, but it doesn’t examine every transaction or guarantee it will detect all errors or fraud.

Lenders, investors, surety companies or government agencies may require a business to provide audited financial statements.

Even when an audit isn’t required, audited statements may strengthen the credibility of your financial reporting with stakeholders.

Whether an audit is required or voluntary, early preparation can make the process more efficient.

Your financial statements tell your business’s story. An external audit can make that story more credible to stakeholders.

09/09/2026

A quick calendar check today can help prevent a last-minute scramble next week.

📅 September 15 is an important federal tax deadline for:
• Calendar-year partnerships and S corporations filing extended returns
• Individuals making their third quarter 2026 estimated tax payment

Not sure what needs your attention? Reach out to your Whalen advisor to make sure you’re on track.

09/08/2026

Does your business need to report deferred taxes? These accounting rules generally apply to businesses subject to entity-level income taxes that prepare GAAP financial statements.

Deferred taxes often arise when income is recognized differently for book and tax purposes. Under GAAP, deferred tax assets are recorded for expected future tax benefits from deductible temporary differences and from carryforwards related to capital losses, net operating losses or tax credits.

Conversely, deferred tax liabilities reflect the expected future tax effects of taxable temporary differences.

Deferred tax accounting may seem like an issue for large public companies. But as your business grows, its reporting needs may change.

09/07/2026

Behind every successful organization are people who show up, solve problems, support one another, and take pride in doing good work.

Labor Day is a chance to recognize those contributions and the many different roles, skills, and perspectives that keep businesses and communities moving forward. At Whalen, we’re especially grateful for the people we have the opportunity to work alongside every day—our team, our clients, and the professionals throughout our community who bring care and commitment to what they do.

Today, we celebrate the people behind the progress and the work that makes a difference.

Wishing everyone a safe, relaxing, and well-deserved Labor Day. y.

09/02/2026

A profitable business can still run short of cash. Working capital — the difference between current assets and current liabilities — can provide insight into a business’s ability to meet near-term obligations and pursue growth opportunities.

Effective working capital management focuses on three key areas: collecting receivables, maintaining appropriate inventory levels and managing payables.

Regularly monitoring these components can help reveal operational issues before they become larger cash-flow problems.

How efficiently does cash flow through your business? The answer may be hiding in your receivables, inventory and payables.