Whalen CPAs

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.

09/01/2026

08/28/2026

Sunshine, lake views, team shirts, Mexican food, and a little friendly competition — Team Day at Choctaw Lake was a good one!

We spent the day together with a short meeting, lunch from a food truck, volleyball, pickleball, swimming, and plenty of time by the water. It was a great chance to relax, laugh, and enjoy being together outside the office.

Grateful for this Whalen team and for a wonderful day at the lake!

08/06/2026

We’re proud to share that Whalen CPAs has been recognized as a 2026 IPA 500 firm by INSIDE Public Accounting.

This recognition reflects more than our firm’s growth. It reflects the dedication of our team, the relationships we have built and the continued trust our clients place in us.

As we celebrate this milestone, we remain focused on what has always mattered most: making accounting easier and clearer, supporting our clients as trusted advisors and continuing to invest in the people who make Whalen what it is.

Thank you to our team, clients and community for being part of our story.

Explore the 2026 IPA 500 rankings:
https://insidepublicaccounting.com/ipa-top-500-firms/

07/22/2026

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).

Charitable donations can be a powerful tax-saving tool. But there’s much to consider as you plan your giving for the rest of 2026.

07/21/2026

It’s easy to focus on the excitement of a big win. But before you spend lottery, gambling or other winnings, be sure you understand the tax impact.

Federal tax law generally treats such winnings as taxable income. Knowing the basic rules can help you avoid surprises when you file your 2026 return next year. For example, if you win more than $5,000, generally the payer (lottery agency, casino, etc.) will withhold 24% for federal tax purposes — which may or may not be enough to cover your tax liability — and send you and the IRS a Form W-2G showing the winnings paid and tax withheld.

Before you spend lottery, gambling or other winnings, be sure you understand the tax impact. Tax law generally treats winnings as taxable.

07/14/2026

Ohio's annual Sales Tax Holiday is returning this August, providing families with an opportunity to save on eligible back-to-school purchases.

The tax holiday begins at 12:00 a.m. on Friday, August 7, and ends at 11:59 p.m. on Sunday, August 9.

During this period, the following qualifying items may be purchased without Ohio sales tax:

Clothing priced at $75 or less per item
School supplies priced at $20 or less per item
School instructional materials priced at $20 or less per item
Whether you're shopping for students heading back to school or simply purchasing qualifying items, the Sales Tax Holiday can provide meaningful savings.

For additional details, frequently asked questions, and guidance for consumers and retailers, visit the Ohio Department of Taxation's Sales Tax Holiday webpage.

If you have questions about Ohio sales tax or other state tax matters, Whalen CPAs is here to help. Contact your Whalen advisor for assistance.

07/13/2026

Congratulations to Andy Lumpp on his promotion to Senior, Client Accounting & Advisory Services!

Andy’s promotion represents more than a new title—it’s the culmination of years of hard work. After earning his bachelor’s degree from Franklin University this past December, this promotion serves as one final congratulations for the dedication, time, and effort he invested in reaching this milestone.

For Andy, this promotion is also a reminder that hard work is recognized.
"Receiving this promotion shows me that Whalen values me and appreciates the work I do. It has been a real confidence booster."

Congratulations, Andy! We’re excited to see all that you’ll continue to accomplish.