Whalen CPAs

Welcome to the Whalen CPAs Team, Michael!

We're excited to announce that Michael has joined our team as the Director of Tax Services. With over 30 years of experience in financial reporting, tax planning, and staff development, Michael brings a wealth of knowledge and expertise to our firm.

Outside of work, Michael enjoys spending time with his family, playing golf, and watching his kids play hockey and soccer. His passion for problem-solving and dedication to helping clients succeed make him a valuable addition to our team.

Please join us in welcoming Michael to the Whalen CPAs community!

Happy Labor Day to our fantastic team. We really appreciate all the hard work you do. In other news.

What an incredible team day at Choctaw Lake! ☀️ We had a blast relaxing by the water, playing games, and bonding as a team.

From volleyball and basketball to co****le, can-jam, and board games, there was something for everyone. We even had a few friendly competitions with plenty of laughs and good times.

We're so grateful for our supportive team and feel truly blessed to work with such wonderful individuals. Thanks to everyone who made this day so memorable!

The average cost of a data breach is $4.88 million, up 10% from last year, according to a recent report by IBM. As businesses increasingly rely on technology, cyberattacks are becoming more sophisticated and aggressive, and risks are increasing. It’s critical to implement effective internal controls to identify potential threats, protect systems and information from security events, and detect and respond to possible breaches.

We offer varying levels of guidance, both when assessing cyber risks at the start of an audit engagement and when uncovering a breach that happened during the period under audit or during audit fieldwork. Contact us for more information.

Internal controls and audits can safeguard against data breaches Has your company experienced a data breach recently? As cyberattacks become more common and costlier, external auditors are paying attention.

Congratulations to Jeff Pumplun on his promotion to Manager of Tax Services! 🎉 Jeff's expertise and dedication to our clients make him an invaluable asset to our team.

Higher-income folks may be subject to a couple extra taxes, in addition to federal income tax. Here’s an explanation of the 3.8% net investment income tax and a 0.9% additional Medicare tax.

Are you liable for two additional taxes on your income? Higher-income folks may be subject to a couple of additional taxes, in addition to federal income tax. Here’s an explanation...

Vinny reports, "I am looking forward to interacting with our clients more, such as going to board meetings and informing our clients how the audit went and why we are such a perfect fit for them.

As a senior I feel I have the experience now to help answer questions or concerns the client might have. I am excited to begin tackling new challenges and obstacles that come my way now that I can complete audit binders from top to bottom.

I am also looking forward to help train interns/new hires on all the different types of testing we do when it comes to the different types of assurance services we provide. Being able to help guide those coming into the audit department and teach them the tips and tricks I learned along the way is very fulfilling for me and will continue to help me grow which will in turn help Whalen grow."

Join with me in congratulating Molly Malone on her recent promotion. Molly had this to say about the change, “I'm absolutely thrilled to embark on this journey as Administrative Coordinator! This role presents the perfect opportunity to deepen my tax knowledge while simultaneously honing my organizational and problem-solving skills. I thrive in fast-paced environments, and I'm keen to ensure the smooth operation of the Tax Department, ultimately contributing to the success of the entire firm. Beyond streamlining operations, I'm passionate about fostering a collaborative environment across Whalen.

I look forward to working alongside leadership and the team, supporting everyone in achieving their goals, and empowering others through teaching problem-solving strategies. The opportunity to contribute directly to client relations is exciting as well. I'm eager to assist our clients with their various needs and navigate the tax landscape alongside them. I’m enthusiastic about helping others in every area of my life, so the opportunity to be in a role that focuses on helping both internally and externally is really exciting.”

Want more timely financial data? Consider using “flash reports” to get a simplified snapshot of key financial metrics on a daily or weekly basis.

Review real-time data with flash reports Want more timely financial data? Consider using “flash reports” to get a snapshot of key financial metrics on a daily or weekly basis.

Taco Tuesday turned into a fashion show! 🌮 We had a blast showing off our favorite tees and enjoying delicious tacos together.

It’s always great to take a break and connect with the team.

Working capital equals the difference between current assets and current liabilities. A new study found that many companies’ working capital efficiency (as measured by the cash conversion cycle) deteriorated from 2022 to 2023. If you’ve noticed this trend at your company, there are three ways to reverse it: 1) collect receivables faster, 2) reduce inventory levels, and 3) postpone payables. Contact us to help benchmark your company’s working capital management ratios over time and against competitors. If necessary, we also can help implement strategies to improve your performance without exposing you to unnecessary risk.

Take charge of working capital management Looking for advice? Here are three practical tips to manage your company’s working capital management more efficiently.

Want to build a high-performing team? ⚡️ Join us for a workshop with leadership expert Erica Ishida! Learn how to create a collaborative culture, develop top talent, and drive exceptional results. Limited spots available! https://conta.cc/46C02VD

Building High-Performance Teams: Strategies for Success Online Webinar       Build High-Performing Teams with Erica Ishida Are you ready to elevate your leadership game and create a team that surpasses expectations? Join us for a dynamic workshop with reno

Congratulations Teri! We look forward to seeing what happens next in your new position. Here is what Teri had to say on the matter, “I have been working at Whalen since 1996. I have done many things while here, including processing tax returns, client financials, process payroll, prepare payroll taxes, tax return preparation, and they even tried me in auditing (it was like putting a round peg into a square hole - - I just didn’t fit). A financial statement is like a puzzle to me…every piece has its place and perfect fit. (Yes, I enjoy putting puzzles together.) I like to have things balance and it drives me crazy to be off even by a measly penny.  I enjoy training others and especially like it when I see something I am explaining to them actually click and they understand what I’m trying to show them.

In my new position, I will enjoy being able to explore the reasoning behind some of the numbers on financials issued…why was food cost so high this month? What is going on with your labor? Why is this expense so high?

Outside of Whalen, I enjoy reading Christian romance books and spending time with my husband, Steve, my son and future daughter in love, Jacob and Megan, and my granddogs (LOL) Winnie, Oakley, and Kira.”

Certain taxpayers generally must make quarterly estimated tax payments to avoid a penalty. Here are the rules, along with when the next payment is due.

Do you owe estimated taxes? If so, when is the next one due? Certain taxpayers generally must make quarterly federal estimated tax payments to avoid a penalty. Here are the rules.

Whalen is proud to announce a series of internal promotions across several departments, recognizing the exceptional talent and dedication of our staff. These well-deserved advancements will play a key role in driving future growth and optimizing processes to deliver even greater value to our clients.

Promotions in Focus:

• Tax Services: Ryan Grumman and Josh Martin have stepped up to Senior Staff positions, while Jeff Pumplun takes on the role of Manager.

• Audit Team: Vincent Meszaros earns his promotion to Senior Staff.

• Client Accounting & Advisory Services (formerly Accounting): Three valuable team members ascend to the new role of Controller, further solidifying their expertise. Those members are Tiffany Hein, Teri Curtin, and Brittany Engell.

• Administrative Staff: Molly Malone takes on the expanded role of Administrative Coordinator, while Karen Griffin steps into the position of Executive Assistant.

Investing in Our People:

These promotions demonstrate Whalen's commitment to fostering a culture of growth and development. We empower our staff to reach their full potential and recognize their contributions in achieving our shared goals.

Join the Congratulations!

Please join us in applauding all of our promoted team members.

A new report from the Center for Audit Quality found a recent increase in financial restatements. Though restatements have a negative stigma, the uptick may not necessarily signal an increase in mismanagement or a deterioration in internal controls. Mundane reasons for revising annual reports include misinterpretation of accounting rules and changes in accounting oversight.

As accounting and tax rules evolve, your in-house accounting personnel may need our help to understand how to properly report transactions. If mistakes do happen, we can also help you manage the restatement process, communicate with stakeholders in an effective, reassuring manner and take any needed corrective actions.

Public policy organization reports increase in financial restatements Financial restatements may raise a red flag to managers and other stakeholders. But don’t jump to premature conclusions.

We're thrilled to welcome Dedra to the Whalen CPA team!

Dedra brings a wealth of accounting experience to the table, having thrived in both high-pressure and collaborative environments. Her impressive background includes senior staff accountant roles at Feazel Roofing Company, and I Am Boundless, where she tackled a wide range of responsibilities, from daily cash projections to preparing financial statements and managing accounts payable.

Dedra's strong analytical skills and customer service focus will be a valuable asset to our team. We're excited to see how her expertise contributes to our continued success!

Please join us in giving Dedra a warm welcome!

A financial statement audit provides a detailed, reliable snapshot of a business’s entire operations. But sometimes you need something simpler and more versatile. Maybe you need an “agreed upon procedures” engagement?

What are AUP engagements — and does your business need one? A financial statement audit provides a detailed, reliable snapshot of a business’s entire operations. But sometimes you need something simpler and more versatile. Maybe you need an AUP engagement?

We teed off for some fun in the sun at our company golf outing! ☀️⛳️ Despite the heat, we had a blast hitting the links and getting to know our coworkers better. Some of us might need a little extra practice, but the laughs and good times were plenty! We're already looking forward to the next team-building event.

Are you ready to begin a fresh chapter in your career? At Whalen CPAs, we pride ourselves on fostering a family-like atmosphere where employees are highly engaged, collaborative, and valued.

Our workplace culture is a key ingredient in the high-quality work we deliver to our clients. Additionally, we offer competitive compensation, flexible scheduling, and continuing professional education opportunities.

To take advantage of this exciting opportunity, apply now at https://www.whalencpa.com/careers/.

What has your organization done to minimize the risk of financial misstatement? Audits can be an effective antifraud control. Here’s one hot spot auditors often target to unearth financial statement fraud.

Why auditors monitor journal entries What can be done to minimize the risk of financial misstatement? Audits that monitor journal entries can be an effective antifraud control.

Do you know the difference between bookkeeping and accounting? We’ll explain why your bookkeeper plays a key role in the long-term success of your business.

Bookkeeping provides a solid foundation for financial reporting Do you know the difference between bookkeeping and accounting? We’ll explain why your bookkeeper plays a key role in the long-term success.

Meet Allison!

This week's employee spotlight shines on Allison, our Administrative Manager for Assurance and Accounting Services.

When she's not helping our team run smoothly, Allison enjoys traveling the world (think Bermuda beaches!) and catching up on the latest thrillers (we won't judge your movie taste, Allison).

The high federal estate tax exemption ($13.61 million in 2024) means that many people aren’t concerned with estate tax. But you should still consider saving income tax for your heirs. For example, be careful making lifetime transfers of appreciated assets. It’s true that the assets and future appreciation generated by them are removed from your estate. But a gift carries a potential income tax cost because the recipient receives your basis upon transfer.

He or she could face capital gains tax on the future sale of the gifted property. If the appreciated property is held until your death, under current law, the heir will get a “step-up” in basis that will reduce or wipe out capital gains tax.

Planning your estate? Don’t overlook income taxes The federal estate tax exemption is currently $13.61 million, so you may want to think more about saving income taxes for your heirs.

Building strong firm relations demands a go-getter with fresh ideas. Luckily, we didn't have to look far! T.J.'s talent for creative solutions and his ability to energize connections make him an ideal fit for this key role.

T.J. brings infectious enthusiasm and a powerful vision for our future. When asked about his philosophy on the new role, he shared, "I'm most excited about perfecting our team composition and building a cohesive group rowing in the same direction. When we are all united and striving towards the same goal, we will unlock extraordinary success for our people, our clients, and our community."
We believe T.J.'s focus on building a high-performing team, prioritizing exceptional client service, and expanding our reach in the Columbus and Worthington communities will be a game-changer for Whalen CPAs.

At Whalen, we believe in pushing boundaries and disrupting the norm to drive progress. We're not afraid to challenge conventional thinking and embrace innovative solutions, even if they ruffle some feathers. It's this relentless pursuit of progress that sets us apart and fuels our success.
Stay tuned for more innovative solutions!

Auditing warehouse operations for inefficiencies can help improve productivity and boost profits. Experienced outsiders may be able to spot potential problems and suggest solutions that you haven’t yet considered.

Auditing warehouse operations Auditing warehouse operations for inefficiencies can help improve productivity and boost profits. Experienced outsiders may be able to...

Hakuna Matata with these amazing colleagues! We had a roaring good time at the Lion King Musical friday night. Definitely felt the circle of life vibes with these folks. Special shoutout to Rafiki - you stole the show for me!

Shocking Stats: Dentists are Prime Targets for Embezzlement! Click below to learn how to protect your practice:

Did you know 70% of dentists will experience employee theft? Embezzlement is a serious threat, often hidden for years. Learn the signs and how to safeguard your practice!

Embezzlement: It's Probably Already Happened to You Curious about the current state of embezzlement in the dental industry? We've compiled some of the must important statistics.

Buckle up: We’re likely to see major federal tax changes within the next year or two. The reason has to do with the upcoming elections and provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on Dec. 31, 2025.

Here are 4 possible scenarios:
1) All TCJA provisions that are scheduled to expire will expire.
2) All TCJA provisions that are set to expire will be extended or made permanent.
3) Some provisions will expire while others will be extended or made permanent.
4) Some or all expiring TCJA provisions will expire and new laws will be enacted that provide different tax breaks and/or rates.

What will happen to YOUR taxes depends on which scenario becomes reality.

As tax provisions are scheduled to expire what might be ahead? What’s on the tax horizon as many Tax Cuts and Jobs Act provisions get closer to their scheduled expiration date? Here are four scenarios.

Submitting and approving expense reports can be time-consuming and tedious for employees and employers alike.

What can your business do to streamline its expense reporting process?

Best practices for expense reporting Expense reporting plays an essential role in operating a profitable business. Consider the following six best practices.