Insights

Navigating the complex landscape of AML/BSA compliance represents a critical task for any community bank. With evolving regulations and stringent oversight, preparing for a regulatory bank exam can...

An outsourced CFO can make a huge difference in your company’s financial planning and long-term growth. This is when you hire an expert to act as your CFO rather than hiring a full-time chief...

Tax services encompass more than just filing returns. The Whitlock Co. can identify deductions, credits, and planning opportunities tailored to the unique needs of your business. You could have a...

Your business might need to file a Beneficial Owners Information (BOI) Report under the Corporate Transparency Act (CTA) before Jan. 1, 2025.This is a new filing taking effect if your company...

Is your business upgrading its technology stack? Do you find your current computer systems lacking? The Whitlock Co. offers an objective third-party analysis of your business technology, how it’s...

Has a bank examiner pointed out what things your institution needs to do better to comply with regulations? Does your bank need to perform any of its annual audits as required by law?It’s important...

Business strategy and consulting from The Whitlock Co. can help your business define goals and develop actionable plans to achieve sustainable growth. Why should you hire outside experts? Our team...

The Whitlock Co. provides financial planning and analysis services for your business or organization. These types of services involve the strategic evaluation of your company’s financial health,...

In today’s dynamic, fast-paced business landscape, deciding to hire an accounting firm to help your business means you get more than a team crunching numbers. An accounting firm is a strategic...

How has your community bank handled the adoption of CECL to estimate your credit losses? You’ve had around 18 months to get used to the new accounting standards. Current purchase accounting...

Every 18 months, your community bank is required to undergo an IT regulatory exam with a federal examiner. The primary objectives of these exams are to evaluate the security, efficiency, and...

The Whitlock Co. proudly announces the promotion of Olivia Cole to Partner. Olivia’s unwavering dedication, expertise, and commitment to client success have significantly contributed to the...

As your community bank approaches the milestone of $1 billion in assets, it faces greater regulatory scrutiny as outlined in the Federal Deposit Insurance Corporation Improvement Act of 1991...

An outsourced CFO can make a huge difference in your company’s financial planning and long-term growth. This is when you hire an expert to act as your CFO rather than hiring a full-time chief...

Your business might need to file a Beneficial Owners Information (BOI) Report under the Corporate Transparency Act (CTA) before Jan. 1, 2025.This is a new filing taking effect if your company...

Is your business upgrading its technology stack? Do you find your current computer systems lacking? The Whitlock Co. offers an objective third-party analysis of your business technology, how it’s...

Business strategy and consulting from The Whitlock Co. can help your business define goals and develop actionable plans to achieve sustainable growth. Why should you hire outside experts? Our team...

The Whitlock Co. provides financial planning and analysis services for your business or organization. These types of services involve the strategic evaluation of your company’s financial health,...

In today’s dynamic, fast-paced business landscape, deciding to hire an accounting firm to help your business means you get more than a team crunching numbers. An accounting firm is a strategic...

Starting a business is more than choosing a sole proprietorship, LLC, PC, or LLP. Another crucial element is efficient financial tracking. Without proper financial tracking, it can be challenging...

No matter how long you’ve been in business, today's highly competitive landscape can change quickly. Between advanced digital tools, making the right strategic moves, and developing the right...

Financial success is the goal of any business.  One vital step to achieving this goal is to utilize a budget properly. A budget not only helps you manage your finances effectively but also allows...

Cash flow is the lifeblood of any business, big or small. Your company must manage its cash flow effectively to ensure financial stability. By implementing simple steps and best practices, you can...

Are you struggling to find qualified internal bookkeepers for your business? The process of hiring and retaining top-notch bookkeepers can be challenging. However, there is a solution that can make...

In today's competitive business landscape, it is essential for companies to have a clear understanding of their financial performance. One of the most powerful tools in this regard is custom...

Creating a financial strategic plan is essential for the success and sustainability of your business. A financial strategic plan outlines the financial goals and objectives of your company, as well...

As a business owner, one of your top priorities is undoubtedly growing your company. However, with growth comes increased income and a higher tax bill. This tax bill can have a major impact on your...

As a business owner, it's only natural to wonder how your company stacks up against others on the same playing field. Are you ahead of the game or falling behind? Understanding your position in the...

Cash flow is the lifeblood of any business, and without a healthy inflow and outflow of funds, it can be difficult for a company to survive. Many businesses need help with cash flow at some point...

As a business owner, understanding your company's financial health is crucial for making informed decisions and ensuring long-term success. One of the key financial statements that every business...

Your employee benefit plan (EBP) is a vital part of your company. Benefits keep your staff happy and well-compensated for the jobs they do. Your EBP serves a dual purpose in that your company knows...

The Whitlock Co. wants to warn business owners of a recent scam involving the Corporate Transparency Act (CTA).The Financial Crimes Enforcement Network (FinCEN) has issued an alert about...

Are you struggling to keep up with the financial demands of your rapidly expanding business? Our team of experts understands the challenges that come with rapid growth, and we have the perfect...

As businesses continue to operate more on digital platforms, the threat of cyber-attacks has become a constant concern. With the increasing sophistication of hackers and the prevalence of cyber...

As your business grows, so do the challenges that come along with it. While it's an exciting time filled with new opportunities and potential for success, there are also common pain points that...

Running a small business is an exciting but challenging venture. As a business owner, you must wear many hats and juggle multiple responsibilities to keep your company running smoothly. However, as...

Are you dreaming of starting your own business or looking to take your current one to the next level? Building a successful business takes time to happen. It takes hard work, dedication, and a...

Are you a small business owner wondering if your current accounting software is the right fit for your company? Accounting software is a great tool to help with bookkeeping, invoicing, taxes, and...

With the rise of ransomware, malware, and other cyberattacks, you need a robust cybersecurity system to protect your business. Artificial intelligence (AI) offers powerful solutions for keeping...

To combat fraud in the workplace, Congress authorized, and the president signed, the Corporate Transparency Act (CTA) of 2019. Several key provisions of that act go into effect on January 1, 2024,...

As economic uncertainty still looms, creating a company culture where people want to work can help with retention in lean times. This is particularly important as AI and automation continue to...

Cybersecurity threats are everywhere. Unfortunately, some of the biggest threats could come from within your own organization. For example, someone clicks on a link in an official-looking email...

Small and large businesses alike are vulnerable to financial losses caused by cyberattacks, such as data breaches, system hacking, and ransomware extortion payments. To mitigate these risks,...

ChatGPT is an AI-powered, open-source chatbot that has been taking the tech world by storm. Used for more than just chatbots, ChatGPT can mine information from trillions of data points using...

Since the COVID pandemic, staffing has been a major challenge for nearly all businesses. There are several ways technology can be used to analyze and control staffing.We outline a few relevant...

Economic uncertainty isn’t fun, but how well your company weathers the storm of downtimes can lead to valuable lessons, long-term growth, and outmatching the competition.Modernizing your...

According to the Federal Bureau of Investigation, in 2021 there were 847,376 malicious cyber-attacks. Of those, 323,972 were phishing and vishing attacks. A phishing attack is where a nefarious...

Enacted by the United States Department of Labor (DOL) in conjunction with the Internal Revenue Service in 1974, the Employee Retirement Income Security Act (ERISA) was put into place to ensure...

As a small business owner, you have plenty of things to keep track of. Pipelines, a loyal customer base, labor costs, training, upkeep of equipment, supplies, finances, taxes, accounting, employee...

With the passing of the Consolidated Appropriations Act for 2023, a major retirement overhaul was slipped into the spending package, meaning more people could have access to employer-sponsored...

With the new SECURE 2.0 Act of 2022, there are great benefits for both participants and non-participants alike to consider in the coming years related to retirement plans. The SECURE 2.0 Act...

The global economic forecast for 2023 talks about slowed growth at best and a recession at worst. Even with 2.6% growth in the U.S. GDP for Q3 2022, economists still believe slower growth is on the...

The Employee Retention Credit (ERC) came about during the emergence of the COVID-19 pandemic in  March 2020 as a way to incentivize small businesses to keep full-time employees on the...

Looking at your cash flow gives you a measurement of how your business model is working. You can run a cash flow analysis at any time to create a real-time snapshot of various metrics.In...

Many economists predict a looming recession in the coming year. A recession is when the economy decreases for several consecutive months, including constriction of gross domestic product, high...

Inflation continues to soar in 2022, reaching levels not seen in 40 years, as consumer prices are up 9.1% compared to mid-2021, per the U.S. Department of Labor. The rise of inflation comes from...

by Josh Beaird, Partner, CPA at The Whitlock Co.The current business environment has many challenges, as global events impact firms, businesses, and employees in Missouri. One of these...

Cash flow is the lifeblood of your business. Long-term, stable cash flow involves so many moving parts to keep track of. Business advisors and accounting experts can help you improve your company’s...

Back in 2019, the American Institute of Certified Accountants (AICPA) rolled out a new audit standard for employee benefit plans (EPBs). Known as Statement on Auditing Standards (SAS) 136, the...

The Whitlock Co. helps privately owned businesses with several aspects of financial planning and business strategies to help firms succeed and grow.One way your privately owned business,...

By Chris GriesemerCybersecurity continues to make headlines, even years after hacks and breaches at major retailers. In 2021, Americans saw what happened when ransomware caused shortages of...

The Whitlock Co. is a full-service accounting firm that handles the full scope of your business accounting year-round, including taxes, planning, and outsourced accounting needs.Today, our...

The Whitlock Co. is a full-service accounting firm that handles the financial aspects of a company’s assets. One of our specialties is outsourced accounting and CFO services, offering the full...

G-20 leaders met in Rome in late October 2021, and part of their discussions revolved around approving a global minimum tax on corporations.If the deal moves forward, it represents a...

The House of Representatives approved the infrastructure bill passed by the Senate in August 2021. Included in the provisions of the law are how cryptocurrency investors report their gains or...

By Chris Griesemer, partner at The Whitlock Co. and specialist in internet technology audits for banking clients.First, let me explain how two-factor authentication (2FA) works. 2FA...

Cutting costs, when done properly, can give you good long-term results. You can plan for these cost-cutting measures or implement them in response to a financial downturn at your...

It has been over a year since the COVID-19 pandemic became real in many of our lives. This past year has seen many businesses forced to make quick and short-term decisions for survival such as...

By Chris Griesemer I follow Kim Zetter (@KimZetter) on Twitter.  She is a cybersecurity journalist and gave a good explanation of what is known so far with the SolarWinds hack. To start with,...

Non-profit organizations are not required to have a balanced budget. The following article is in reference to operating budgets and should not be confused with endowment funds that are accumulated,...

Written by Caleb Swadley Last month 17-year-old Graham Ivan Clark hacked into Twitter accounts belonging to Elon Musk, Uber, Barack Obama, Bill Gates, Joe Biden, and several other high-profile...

The new tax law effective for the 2018 tax year provides a new income tax deduction for business income earned from pass-through entities under Code §199A. On January 18, 2019, the Treasury...

written by Jacque Mattson These days, candidates are seeking much more than a salary. Offering competitive benefits can make or break your business’ ability to capture the best talent. But constant...

written by Todd Carroll We hear it all the time: “We were running in the black after only two years in business.” Or, “XYZ company is in the red and it isn’t looking like they’ll get out of it.”...

written by Jennifer Cochran One new aspect of the Tax Cuts and Jobs Act is the new deduction for owners of sole proprietorships, S corporations, and partnerships. Under the "old" tax code, income...

Section 1071 of the Dodd-Frank Act requires the Consumer Financial Protection Bureau (CFPB) to collect and report data from banks regarding the demographics of small business borrowers and loan...

written by Chris Griesemer Our smartphones go with us everywhere and they touch many parts of our lives. From checking bank balances, transferring money, to buying whatever we want; our phones hold...

written by Patricia Stoner Myers As you may have already heard, Equifax, one of the three credit monitoring agencies, suffered a data breach from May through July 2017. They discovered the...

written by Chris Griesemer Have you ever looked at your computer and noticed there is a hard drive light that is always blinking? My computer could be inactive for 15 minutes and it seems like that...

written by Cara Stewart Move over hybrids - buyers of Volkswagen and Mercedes diesel vehicles now qualify for the valuable alternative motor vehicle tax credit. Previously, only hybrid vehicles,...

written by Jay Logal As of the writing of this article a Texas judge has issued a preliminary injunction. These rules were to take effect on December 1, 2016. Although these rules are still in...

written by Kami Bailey The IRS has issued temporary regulations that explain how a partnership can opt in to the new partnership audit regime that was enacted in the Bipartisan Budget Act of 2015...

written by Eric Lampe Under Code Sec. 1031, a taxpayer can make a tax-free exchange of property held for productive use in a trade or business or for investment. The exchange must be made for other...

written by Connor O'Mealy Keeping good records will help a business when preparing their business tax return, and will help support items reported on a tax return. It is a requirement from the IRS...

written by Connor O'Mealy Any business that has employees is required to withhold income taxes on payments to each employee. Each employee must fill out their Form W-4 and the Employee’s...

written by Aaron Spencer Consistent with recent changes to other accounting and auditing pronouncements, the AICPA has clarified standards governing the accounting and review services performed by...

The finances of small business owners’ companies and personal lives are usually intertwined. This requires community banks to examine global cash flow when analyzing small business loan...

written by Melinda Thurman Businesses desire to stay a step ahead and the usage of cloud software may be a solution. As a business owner, some questions may come to mind surrounding Cloud...

written by Jay Logal Clients often ask if there is an advantage to buying their vehicle in their business. Unfortunately, that is not a black and white answer. There are many types of vehicles that...

written by Chris Griesemer Is your identity really as secure as you think it is? How big is your social media footprint? What the heck is your social media footprint? I found out the answer to all...

As 2014 draws to a close, there is still time to reduce your 2014 tax bill and plan ahead for 2015. This article highlights several potential tax-saving opportunities for owners of businesses...

written by Jacque Mattson In August, we wrote about choosing a Partnership instead of an S Corporation (click here to read the article). In this article we will examine the advantages of an S...

written by Chris Griesemer Most people don’t think about voicemail at work being a high risk piece of technology. What risks could possibly be involved with voicemail? Maybe you have a client that...

written by Eric Lampe Taxpayers that plan to operate a business have a variety of choices. A single individual and partnership can operate as a C corporation, an S corporation, or a limited...

 written by Chelsey Dollarhide When owning a rental property that either has, or will, show a loss, it is important to determine whether that loss is fully or conditionally deductible on your...

written by Kevin Hogan   Reporting income from renting out your second home depends on how many days the property was rented out at a fair rental rate, and how many days the property was used...

written by Eric Lampe Many of us have charitable organizations that are important or special to us. We know that they are supported in large part by volunteers, which is why we sign up to help out....

written by Aaron Henry This is the fifth article in our Retirement series. This article will be split into two parts. Check in next week for part 2. Are you a business owner? Do you have an...

written by Josh Beaird  Social media has become a part of our daily lives and it doesn’t appear to be going away anytime soon. As businesses look to harness the benefits of social media, such as...

Navigating the complex landscape of AML/BSA compliance represents a critical task for any community bank. With evolving regulations and stringent oversight, preparing for a regulatory bank exam can...

Has a bank examiner pointed out what things your institution needs to do better to comply with regulations? Does your bank need to perform any of its annual audits as required by law?It’s important...

How has your community bank handled the adoption of CECL to estimate your credit losses? You’ve had around 18 months to get used to the new accounting standards. Current purchase accounting...

Every 18 months, your community bank is required to undergo an IT regulatory exam with a federal examiner. The primary objectives of these exams are to evaluate the security, efficiency, and...

As your community bank approaches the milestone of $1 billion in assets, it faces greater regulatory scrutiny as outlined in the Federal Deposit Insurance Corporation Improvement Act of 1991...

Cybersecurity threats are everywhere. Unfortunately, some of the biggest threats could come from within your own organization. For example, someone clicks on a link in an official-looking email...

ChatGPT is an AI-powered, open-source chatbot that has been taking the tech world by storm. Used for more than just chatbots, ChatGPT can mine information from trillions of data points using...

In late February, the Federal Reserve, FDIC, and OCC released a joint statement about the risks associated with using funding sources from crypto-asset-related entities as well as effective...

Late last fall, the Consumer Financial Protection Bureau (CFPB) issued guidance on bank overdraft fees it labels as “unfair” or “unlawful” along with teasing forthcoming regulations to reign in...

This year saw many crypto investors receive substantial losses. In addition, the IRS has new rules related to crypto transactions that previously were able to avoid reporting. But there is one bit...

Even if your community bank has placed an emphasis on cybersecurity and invested in resources and practices to mitigate exposure, it isn’t possible to stop 100% of all cyber attacks. Knowing this,...

Medical marijuana became legal in Missouri in 2018. An amendment was on the ballot on November 8, 2022, for marijuana to be approved for recreational use, and it was approved by voters. As of the...

All banks and credit unions are required to complete an annual Automated Clearing House (ACH) exam by the end of the calendar year. The exam includes a review of the institution’s adherence to the ...

So, you have weathered the financial obstacles of the last few years, and your bank is on a trajectory to reach $500 million in assets. Here are the basics of how to be prepared and make...

The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 842 went into effect for private and nonprofit organizations in 2019. When the pandemic hit in early 2020,...

The word “blockchain” has been floating around for the past couple of years. Although most people have heard the word, they may not really understand what it really is. This article will shed some...

Community banks are facing a lot of pressure as they look to grow in their home markets. They face competition from larger lenders, ways to get low-cost deposits, and how to improve their...

As inflation is increasing throughout the economy, central banks have begun raising interest rates. Since community bank assets are loan heavy, it is generally assumed that rising interest rates...

Part of the mission of The Whitlock Co. is to foster wealth management for high-net-worth individuals by devising a long-term strategy to preserve what you’ve earned.As such, we are members of...

By Chris GriesemerCybersecurity continues to make headlines, even years after hacks and breaches at major retailers. In 2021, Americans saw what happened when ransomware caused shortages of...

By Chris Griesemer, partner at The Whitlock Co. and specialist in internet technology audits for banking clients.First, let me explain how two-factor authentication (2FA) works. 2FA...

COVID-19 has changed many things in a short amount of time. This includes the way we work and interact with one another. It is very important to The Whitlock Company to protect the health of our...

One billion dollars in assets is often considered a growth benchmark for community banks. When banks reach this size, they are subject to new annual reporting requirements that they didn’t have to...

Despite the robust economy as reflected by solid GDP growth over the past few quarters, many small businesses are facing some serious challenges. If these challenges are left unchecked, some of...

Historically, banks have based credit loss reserves on the amount of loan losses they’ve incurred in the past. However, this will soon be changing—and this change will represent one of the biggest...

written by Kami Bailey As you review the financial statements of small business borrowers, you may now see goodwill amortized on the statements of borrowers that have acquired other businesses....

written by Kami Bailey The economic recovery that began in the summer of 2009 passed another significant milestone in April when it became the second-longest U.S. expansion on record. If the...

written by Chris Griesemer You and I both know there’s not a Nigerian prince waiting to hand us several million dollars as soon as we send him our bank account numbers and $10,000, but do your bank...

The Whitlock Company is redefining what traditional accounting means; expands Kansas City market and hires five new employees. Coming off the acquisition of RPA CPAs and RPA Consulting in June of...

written by Blair Groves It’s not uncommon for bankers to make exceptions to policies and variances to procedures. But problems can arise when banks don’t make a clear distinction between exceptions...

written by Blair Groves In December, Congress passed, and President Trump signed into law the biggest tax reform measure in more than 30 years: the Tax Cuts and Jobs Act (TCJA). The legislation...

written by Josh Beaird Loan participations have become an important tool for community banks in this highly competitive financial environment. As the economy expands and loan demand increases,...

written by Josh Beaird In less than one year, a significant change to generally accepted accounting principles (GAAP) will become effective. Public business entities must begin adopting the new...

written by Josh Beaird Historically, community banks structured business lines of credit to mature in one year or less, even if they knew there was a high likelihood of renewal. This reduced the...

written by Josh Beaird The culture at Wells Fargo Bank has received a lot of attention in the press since the fake accounts scandal broke in 2016. The press has heavily reported the details of how...

Section 1071 of the Dodd-Frank Act requires the Consumer Financial Protection Bureau (CFPB) to collect and report data from banks regarding the demographics of small business borrowers and loan...

If businesses have learned anything about staying relevant in the 21st century marketplace, it’s that you must learn how to deal with disruption. Perhaps the biggest disrupter of all, Amazon, has...

One of the biggest challenges faced by many community banks is attracting, growing and retaining lending talent especially as many experienced commercial lenders start to retire. As a result, many...

written by Kami Bailey Lending to contractors presents special challenges for banks due to the complex nature of contractor accounting. This is especially important to remember now as activity in...

written by Kami Bailey Banks and their customers are increasingly being victimized by e-mail compromise fraud schemes involving wire transfers. According to the Financial Crimes Enforcement Network...

written by Kami Bailey Most community banks desire to make loans to small businesses to both help support their communities and to boost bank profits. But not every small business that applies for...

written by Blair Groves Cyber crime has become one of the biggest threats to U.S. businesses in recent years, and banks aren’t immune to the risk. This became clear in 2014 when the personal...

written by Blair Groves There have been many changes in recent years that affect how small business loans are underwritten and structured. In this article, we review several of these changes, as...

written by Jacob Hall Community bankers sometimes do not know whether or not an appraisal is required when loans secured by real estate are tested for impairment. Regulatory guidance does not...

A decade after efforts first got underway to change lease accounting standards under GAAP, new guidance for lease accounting has finally been issued. ASU No. 2016-02 will require businesses that...

Fintech companies are becoming a disruptive force in the financial services industry. Nowhere is this more apparent than in small business lending, where marketplace lenders have exploded onto the...

written by Josh Beaird "Fintech” has received a lot of attention lately, but many people are not sure exactly what it means. More importantly for a community banker, you may be wondering how it...

written by Blair Groves This is our second article about growing your loan portfolio. Click here to read article one. Community banks are continually searching for ways to grow their loan...

written by Chris Griesemer Once again I braved Defcon, the largest hacking convention held annually in Las Vegas with more than 16,000 attendees. The convention has grown so much, they now utilize...

written by Blair Groves In part one and two we covered the basics of historic rehabilitation projects, what properties qualify and how the tax credit is calculated. Click here to read part one and...

written by Blair Groves In part one we reviewed the basics of historic rehabilitation and the importance of understanding ownership structure. Click here to read part one. What Properties...

written by Blair Groves As competition increases, and community banks search for more lending opportunities, financing tax credit projects for developers could be of interest to bank management as...

The largest concern is the loss of critical data that could result from a natural or man-made disaster. Therefore, it’s important that your bank implement adequate data backup procedures that will...

written by Blair Groves Late last year, the General Accounting Office (GAO) conducted a required regulatory analysis to determine the impact of Dodd-Frank regulations on affected institutions. The...

Last year, the Federal Reserve finally pulled the trigger on its first interest rate hike in nearly a decade. The rate increase was expected, and was small at only a quarter of a percentage point,...

written by Blair Groves When to get an appraisal and when to perform an evaluation? This recently issued interagency guidance from the OCC can help you answer that question, as well as give you...

The financial crisis is getting smaller and smaller in the rear view mirror and now we see many lenders are beginning to go back to some of the lending practices that got community banks into so...

In their analysis of the root causes of the financial crisis, banking regulators determined that one of the main problems was the fact that many banks had not appropriately defined their risk...

 written by Blair Groves With the final CECL standard expected in the first quarter of 2016, this article is a good reminder to start thinking about the methodology your bank might use for...

As federal and state governments face tighter budgets, some are reducing the amount of money they allocate to nonprofits. This presents both opportunities and threats for community banks. In the...

In 2013, the AICPA released the Financial Reporting Frame-work for Small and Medium-Sized Entities (or FRF for SMEs). This is a simplified non-GAAP accounting frame-work that SMEs can use to...

written by Blair Groves We have all heard the phrase “heightened regulatory environment” regarding the expectations the banking industry is facing from their regulating agencies. With the latest...

About 8,000 baby boomers are now turning 65 years old every day, according to the AARP. Included among these retirees and those soon to retire are many community bank leaders. Unfortunately, many...

written by Chris Griesemer This month we will review a case study to learn how The Onion was hacked and review their security measures. In December we reviewed the Target data breach, and the...

When examining loan applications of potential small business borrowers, it’s important for lenders to consider the potential impact of deferred tax assets on a business’ financial performance....

Many community bankers would agree that loan agreements and debt covenants are very important tools for monitoring the status of loans and the activities of small business borrowers. But are these...

written by Chris Griesemer Most people don’t think about voicemail at work being a high risk piece of technology. What risks could possibly be involved with voicemail? Maybe you have a client that...

written by Blair Groves Seven years past the beginning of the largest financial crisis in the United States since the great depression, the fallout of community banks continues. Regulatory scrutiny...

 written by Chelsey Dollarhide When owning a rental property that either has, or will, show a loss, it is important to determine whether that loss is fully or conditionally deductible on your...

written by Chris Griesemer Before regulators arrive for your banks next IT Review, do you ever find wonder what topics they will focus on year? In the past 6 months, we have seen a couple of areas...

Some community banks believe that they are not subject to the unfair, deceptive or abusive acts or practices (collectively referred to as UDAAP) provisions of Dodd-Frank. These provisions prohibit...

Dodd-Frank Wall Street Reform and the Consumer Protection Act have been among the key concerns for bankers in recent times. One of the more confusing issues that community banks must address is...

Depository institutions use loan participations as an integral part of their lending operations. Banks may sell participations to enhance their liquidity, interest rate risk management, and capital...

The uneven economic recovery may be sputtering along in fits and starts, but it appears loan volume has improved at commercial banks. According to Federal Reserve Economic Data (FRED), the volume...

written by Shawn Barbour The recent financial crisis and corporate scandals have generated more focus on corporate governance, which affects us all in different ways including our investment...

Is it not amazing how powerful these smartphones we carry around are? They are tiny computers which allow us to do almost everything our computer at home or work can do. I can browse the web, play...

Many community banks rely on participation loans as a source of alternative funds for lending. Selling participation loans may enable banks to meet their borrowers’ financing needs when loan...

written by Tom Beisner Nothing ever changes.  Thomas Jefferson was criticizing big banks at the beginning of our history... From the Daily Bail, a website devoted to bailout news, opinion and...

In today’s dynamic, fast-paced business landscape, deciding to hire an accounting firm to help your business means you get more than a team crunching numbers. An accounting firm is a strategic...

Running a small business is an exciting but challenging venture. As a business owner, you must wear many hats and juggle multiple responsibilities to keep your company running smoothly. However, as...

Are you a small business owner wondering if your current accounting software is the right fit for your company? Accounting software is a great tool to help with bookkeeping, invoicing, taxes, and...

As a small business owner, you have plenty of things to keep track of. Pipelines, a loyal customer base, labor costs, training, upkeep of equipment, supplies, finances, taxes, accounting, employee...

This year saw many crypto investors receive substantial losses. In addition, the IRS has new rules related to crypto transactions that previously were able to avoid reporting. But there is one bit...

The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 842 went into effect for private and nonprofit organizations in 2019. When the pandemic hit in early 2020,...

The Whitlock Co. helps privately owned businesses with several aspects of financial planning and business strategies to help firms succeed and grow.One way your privately owned business,...

The Whitlock Co. is a full-service accounting firm that handles the full scope of your business accounting year-round, including taxes, planning, and outsourced accounting needs.Today, our...

The Whitlock Co. is a full-service accounting firm that handles the financial aspects of a company’s assets. One of our specialties is outsourced accounting and CFO services, offering the full...

The Whitlock Co. and our team of CPAs and business advisors help privately owned companies with outsourced accounting and CFO services, strategic business planning, budgeting, and...

COVID-19 has changed many things in a short amount of time. This includes the way we work and interact with one another. It is very important to The Whitlock Company to protect the health of our...

In the world of accounting pronouncements, it can sometimes take years from the time a pronouncement is made until it becomes effective. This is to give accountants and businesses plenty of time to...

The accounting for revenue recognition will be changing with the issuance of Accounting Standards Codification (ASC) 606 by the Financial Accounting Standards Board (FASB). The deadline for...

written by David MyersEditorial originally appeared in Startland News.Batman had Robin. Sherlock Holmes had Dr. John Watson. Captain Kirk had Spock.Every superhero has a great sidekick, and...

written by Kami Bailey The IRS has issued temporary regulations that explain how a partnership can opt in to the new partnership audit regime that was enacted in the Bipartisan Budget Act of 2015...

written by Blair Groves When to get an appraisal and when to perform an evaluation? This recently issued interagency guidance from the OCC can help you answer that question, as well as give you...

written by Aaron Spencer Consistent with recent changes to other accounting and auditing pronouncements, the AICPA has clarified standards governing the accounting and review services performed by...

written by Melinda Thurman Businesses desire to stay a step ahead and the usage of cloud software may be a solution. As a business owner, some questions may come to mind surrounding Cloud...

written by Jay Logal Clients often ask if there is an advantage to buying their vehicle in their business. Unfortunately, that is not a black and white answer. There are many types of vehicles that...

When examining loan applications of potential small business borrowers, it’s important for lenders to consider the potential impact of deferred tax assets on a business’ financial performance....

written by Eric Lampe “The independent audit committee fulfills a vital role in governance. The audit committee can be a critical component ensuring quality reporting and controls, as well as the...

written by Shawn Barbour The recent financial crisis and corporate scandals have generated more focus on corporate governance, which affects us all in different ways including our investment...

written by Joe Page Not-for-profit entities are subject to significant scrutiny from various sources such as contributors and directors to lenders and federal and state regulators. In response to...

Tax services encompass more than just filing returns. The Whitlock Co. can identify deductions, credits, and planning opportunities tailored to the unique needs of your business. You could have a...

Cost segregation studies and analyses can be an overwhelming and complex process for those unfamiliar with them. A cost segregation study is a financial analysis conducted by a professional tax...

As a business owner, one of your top priorities is undoubtedly growing your company. However, with growth comes increased income and a higher tax bill. This tax bill can have a major impact on your...

Every year, your business taxes come due. But unlike individual income tax returns, business tax deadlines may vary based on the type of business you own. And the complexity of the U.S. tax code...

The Taxpayer First Act (TFA), signed in 2019, mandated that the U.S. Treasury prescribe regulations to decrease the amount of returns the tax agency receives in paper form. In February 2023, the...

A cost segregation study can help commercial property owners reduce their tax burden and maximize depreciation deductions. Many property owners and investors are unaware of this powerful tool,...

The IRS recently released a portion of its strategic operating plan outlining how it will allocate the $80 billion it was allocated in the Inflation Reduction Act of 2022 over the course of 10...

As you near retirement age, you have a lot of decisions to make, like retiring to another state. First and foremost is determining what kind of lifestyle you want. Do you want to maintain your...

With the passing of the Consolidated Appropriations Act for 2023, a major retirement overhaul was slipped into the spending package, meaning more people could have access to employer-sponsored...

With the new SECURE 2.0 Act of 2022, there are great benefits for both participants and non-participants alike to consider in the coming years related to retirement plans. The SECURE 2.0 Act...

The 2021 American Rescue Plan Act (ARPA) included a law that requires payment servicing entities (PSEs) like Venmo, PayPal, eBay, and Etsy to file Form 1099-K to taxpayers and the IRS for anyone...

Companies looking to make tax deductions on research and development on their 2022 returns may have to take smaller deductions because of new tax rules. Passed as part of the 2017 Tax Cuts and Jobs...

The Employee Retention Credit (ERC) came about during the emergence of the COVID-19 pandemic in  March 2020 as a way to incentivize small businesses to keep full-time employees on the...

G-20 leaders met in Rome in late October 2021, and part of their discussions revolved around approving a global minimum tax on corporations.If the deal moves forward, it represents a...

As 2021 draws to a close, there is still time to reduce your 2021 tax bill and plan ahead for 2022. This article highlights several potential tax-saving opportunities for owners of businesses...

Two senators have introduced legislation proposing a 7% tax on book profits for corporations earning $100 million or more. It’s part of a massive reconciliation package being discussed in...

Tax collection obligations for out-of-state retailers that do not have a physical presence in Missouri will need to pay a Wayfair sales and use tax beginning in January 2023 after Governor Mike...

The recent changes in the Child Tax Credit expansion included in The American Rescue Plan Act (ARPA) will help many families receive advance payments starting this summer. The Child Tax Credit...

These are the top tax related items in the American Rescue Plan Act. Additional detail can be found in this article from the Journal of Accountancy or by calling your Whitlock advisor.Unemployment...

The Consolidated Appropriations Act of 2021, passed by Congress in late December 2020, expands and extends the employee retention credit enacted to encourage businesses to keep employees on their...

For calendar year’s 2021 and 2022, the new COVID-19 relief package, formally known as the Consolidated Appropriations Act, will make major changes to the deductions for business meals. Businesses...

Every year, Americans donate millions of dollars to various charities. When making these donations, it is important that every donation be used as the donor intended and that the charity is...

Written by Jennifer Cochran On August 8, 2020, the President of the United States issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority to defer the...

Written by Olivia Cole As we age, our families are often burdened with the ever-increasing long-term care expenses related to home health care services and nursing home care. When not covered by...

Written by Jennifer Cochran With the extended July 15th tax deadline past us, now is a great time to think about 2020 tax planning strategies. One area to review each year is the tax impact of...

Written by Jay Logal The IRS has made cryptocurrency (bitcoin) a hot button topic. They recognize that taxpayers are not reporting transactions involving bitcoin, and they are taking steps to stop...

Written by Jennifer CochranThe bulk of the bill lays out how the government will appropriate federal budget monies across various departments and programs. However, the bill also includes...

Most of the changes enacted by the Tax Cuts and Jobs Act took effect in tax year 2018. So the current tax-filing season is the first season in which businesses will file their returns based on the...

Tax season is just around the corner, and individuals are finalizing their year-end financial strategies ahead of the new year. We've compiled a few tips and tricks to ensure you’re exploring every...

Tax season is just around the corner, and businesses are finalizing their year-end financial strategies ahead of the new year. We've compiled a few tips and tricks to ensure you’re exploring every...

written by Ray Moncrieffe 1,571,056. That’s the number of tax-exempt organizations in the United States, according to the National Center for Charitable Statistics. Whether you donate to your...

written by Ray Moncrieffe The IRS issued proposed regulations regarding the qualified trade or business income deduction which was enacted by the Tax Cuts and Jobs Act signed into law on December...

written by Kami Bailey Over the past decade, mainly due to the financial crisis, banks have enjoyed lots of liquidity and been flush with deposits. Interest rates have remained near historic lows,...

written by Blair Groves In December, Congress passed, and President Trump signed into law the biggest tax reform measure in more than 30 years: the Tax Cuts and Jobs Act (TCJA). The legislation...

written by Jacque Mattson Digital currency, also known as cryptocurrency, made its big entrance into the world during 2017. Whether you use Bitcoin or other “altcoin” currency for trading,...

written by Jennifer Cochran One new aspect of the Tax Cuts and Jobs Act is the new deduction for owners of sole proprietorships, S corporations, and partnerships. Under the "old" tax code, income...

written by Ray Moncrieffe The Tax Cuts and Job Act, enacted on December 22, 2017, brought about some major changes in the tax code. These changes are generally positive for businesses. One of the...

written by Jay Logal With the lowering of the tax rates and other changes, our recommendation as a general plan of action is to defer income to 2018 or increase expenses for 2017. General tax...

written by David Myers We will likely have a new tax code within days. The reform has passed, and we are simply waiting on a presidential signature. Here are the top seven things you can do right...

written by Jennifer Cochran The Tax Cuts and Jobs Act will likely be implemented in the next few days. A large number of provisions affect individual and business taxpayers. Below is a recap of the...

written by Jay Logal What is the Gig Economy? The Gig Economy is about sharing. It makes use of technological advances so that individuals can arrange transactions, often over the internet, to...

written by Mark Lamb Millennials may believe they have insufficient income to need planning. But many have entered the corporate work force or are self-employed, and can benefit from tax and/or...

written by Susan Perrin On June 7, 2017, the Kansas Legislature overrode the governor’s veto of a bill that reversed many of the Kansas tax reductions put in place in 2013. This means that many of...

written by Jacque Mattson On April 26th, President Trump unveiled his much-anticipated tax reform outline the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for major...

written by Connor O'Mealy The filing season is the most active time of the year for tax scams. These scams can come in many different forms, ranging from anonymous telephone calls to sophisticated...

written by Amy Shewmaker How to claim the fuel tax credit? The first step is to determine if you qualify for the credit. The IRS is watching for fraudulent claims, and the penalty for fuel tax...

written by Cara Stewart If you made a big gift before the end of 2016, you may be wondering what your gift tax liability may be. You may have to file a federal tax return even if you do not owe any...

written by Cara Stewart Move over hybrids - buyers of Volkswagen and Mercedes diesel vehicles now qualify for the valuable alternative motor vehicle tax credit. Previously, only hybrid vehicles,...

written by Jacque Mattson It is a perfect time to start year-end tax planning. Many strategies take time to set up in order to gain maximum benefit, but here are some preliminary considerations...

written by Michael Wirth Entrepreneurs, non-profits, creative thinkers, individuals with financial needs, etc. have all turned to crowdfunding as an alternative way to raise funding. Social media...

written by Blair Groves In part one and two we covered the basics of historic rehabilitation projects, what properties qualify and how the tax credit is calculated. Click here to read part one and...

written by Blair Groves In part one we reviewed the basics of historic rehabilitation and the importance of understanding ownership structure. Click here to read part one. What Properties...

written by Blair Groves As competition increases, and community banks search for more lending opportunities, financing tax credit projects for developers could be of interest to bank management as...

written by Ian Hall Social media and the Internet have helped to make our world smaller. When natural disaster, tragedy, or war occurs, we want to help with contributions of money among other types...

written by Eric Lampe Under Code Sec. 1031, a taxpayer can make a tax-free exchange of property held for productive use in a trade or business or for investment. The exchange must be made for other...

written by Connor O'Mealy Keeping good records will help a business when preparing their business tax return, and will help support items reported on a tax return. It is a requirement from the IRS...

The finances of small business owners’ companies and personal lives are usually intertwined. This requires community banks to examine global cash flow when analyzing small business loan...

written by Jay Logal Clients often ask if there is an advantage to buying their vehicle in their business. Unfortunately, that is not a black and white answer. There are many types of vehicles that...

About 8,000 baby boomers are now turning 65 years old every day, according to the AARP. Included among these retirees and those soon to retire are many community bank leaders. Unfortunately, many...

When examining loan applications of potential small business borrowers, it’s important for lenders to consider the potential impact of deferred tax assets on a business’ financial performance....

As 2014 draws to a close, there is still time to reduce your 2014 tax bill and plan ahead for 2015. This article highlights several potential tax-saving opportunities for owners of businesses...

written by Eric Lampe Taxpayers that plan to operate a business have a variety of choices. A single individual and partnership can operate as a C corporation, an S corporation, or a limited...

A child with earned income above a certain dollar amount is generally required to file their own individual tax return. However, a child with a certain amount of unearned income from investments,...

written by Kevin Hogan   Reporting income from renting out your second home depends on how many days the property was rented out at a fair rental rate, and how many days the property was used...

written by Eric Lampe Many of us have charitable organizations that are important or special to us. We know that they are supported in large part by volunteers, which is why we sign up to help out....

Your business might need to file a Beneficial Owners Information (BOI) Report under the Corporate Transparency Act (CTA) before Jan. 1, 2025.This is a new filing taking effect if your company...

The Whitlock Co. proudly announces the promotion of Olivia Cole to Partner. Olivia’s unwavering dedication, expertise, and commitment to client success have significantly contributed to the...

Congratulations to CEO Josh Beaird on being named one of Springfield Business Journal’s 40 Under 40 honorees for the class of 2024.Over the past 13 years, since joining our firm as an intern,...

The Whitlock Co. wants to warn business owners of a recent scam involving the Corporate Transparency Act (CTA).The Financial Crimes Enforcement Network (FinCEN) has issued an alert about...

The Whitlock Co. is pleased to announce the promotion of Kami Bailey, CPA, to the position of Partner. This well-deserved promotion reflects Kami's skills, dedication, and contributions to the...

The Whitlock Co. is pleased to announce the appointment of Josh Beaird, CPA, CIA, as its new Chief Executive Officer (CEO). In his new role, Beaird will assume overall responsibility for...

The IRS recently released a portion of its strategic operating plan outlining how it will allocate the $80 billion it was allocated in the Inflation Reduction Act of 2022 over the course of 10...

KANSAS CITY, Mo. – The Whitlock Company is shaking things up in Kansas City, welcoming bank tax specialist Steve Johnson into the fold. Johnson will serve as Partner in Whitlock’s dynamic Community...

Springfield, Mo. – The Whitlock Company is proud to announce the promotion of 11 employees to leadership positions, including two as partner, following remarkable company growth.In Whitlock’s...

The Whitlock Company is redefining what traditional accounting means; expands Kansas City market and hires five new employees. Coming off the acquisition of RPA CPAs and RPA Consulting in June of...

The Whitlock Company was recently named as one of the 2017 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify companies that...

written by staff of Governor Eric Greitens The Missouri Department of Economic Development (DED) announced that The Whitlock Company, a full-service accounting firm, is expanding in Missouri. As a...

written by Susan Perrin On June 7, 2017, the Kansas Legislature overrode the governor’s veto of a bill that reversed many of the Kansas tax reductions put in place in 2013. This means that many of...

The Whitlock Company (TWC), a regional accounting and business consulting firm with three offices, has reached a deal to acquire Kansas City-based RPA CPAs, LLC and RPA Consulting, Inc. (RPA)...

written by Jacque Mattson On April 26th, President Trump unveiled his much-anticipated tax reform outline the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for major...

The Whitlock Company is happy to announce four new hires:Richard Stone, Firm Administrator Angela Tummons, Outsourced Accounting Supervisor Serena Whorton, Staff Accountant Cara Stewart,...

On October 1, 2016, Springfield-based accounting and professional services firm The Whitlock Company welcomed three staff members and Partner Jack E. Weimer, CPA to their company. This merger will...

The Whitlock Company is honored to announce their donation of more than 100 coats to The Kids Closet this holiday season.This annual tradition has been ongoing for the past 11 years, and is done...

On November 1, 2015, The Whitlock Company opened an office in Overland Park, Kansas.The new office will be managed by Chuck McCann, CPA. McCann was a founder of the national firm, Mayer Hoffman...

We are proud to to announce the promotion of six of our accountants.Josh Beaird, Eric Lampe and Michael Wirth were promoted from Senior Accountant to Supervisor. And Jacque Mattson, Aaron Spencer...

Elmer Selim, April 10, 1938 - September 14, 2014. Elmer C. Selim, Jr., age 76, passed away Sunday, September 14, 2014 at his home in Springfield, MO surrounded by his family. Born April 10, 1938 to...

Springfield, Mo – The Whitlock Company is celebrating new company growth with four recent hires: Amy Shewmaker, Kami Mason, Joe Farias and Chris Podurgiel. Amy Shewmaker will work in small business...

The Whitlock Company congratulates Chris Griesemer on his promotion to a Partner of the firm. Chris has been a valued member of The Whitlock Company team since 1999.Chris has worked as a network...

The Whitlock Company congratulates Kathy Hillenburg on her promotion to a Partner of the firm. Kathy has been a valued member of The Whitlock Company team since 1987.With more than 20 years of...

written by Joe Page On November 1, 2011, Springfield-based accounting and professional services firm The Whitlock Company welcomed five staff members and Partner Paula Wilson, CPA of Mitchell Roy...

The Whitlock Company was recently named as one of the 2011 Best Accounting Firms to Work for. The annual list of “Best Accounting Firms” was created by Accounting Today and Best Companies Group....

Second Year Straight The Whitlock Company was recently named as one of the 2009 Best Accounting Firms to Work for. This is the second year in a row that Whitlock has received the designation.  The...

What makes an accounting firm a great employer? Is it exceptional benefits? Flex time? Opportunities for advancement?As you might expect, the tactics that make for success vary from firm to firm;...

Wealth management plays a crucial role in effectively managing and optimizing your assets, whether they are in the form of money, investments, or possessions. The primary purpose of wealth...

As you near retirement age, you have a lot of decisions to make, like retiring to another state. First and foremost is determining what kind of lifestyle you want. Do you want to maintain your...

With the passing of the Consolidated Appropriations Act for 2023, a major retirement overhaul was slipped into the spending package, meaning more people could have access to employer-sponsored...

With the new SECURE 2.0 Act of 2022, there are great benefits for both participants and non-participants alike to consider in the coming years related to retirement plans. The SECURE 2.0 Act...

Part of the mission of The Whitlock Co. is to foster wealth management for high-net-worth individuals by devising a long-term strategy to preserve what you’ve earned.As such, we are members of...

High net worth individuals have unique financial situations and unique concerns with regard to managing their wealth.The Whitlock Co.’s financial advisors can help you by working with you to...

If you’ve ever done your taxes or discussed your taxes with your accountant, you’ve probably heard about short-term capital gains.In today’s blog, our accounting team demystifies short-term...

High-net-worth individuals have unique financial situations. No two people’s finances are ever alike, which is why you need financial services tailored to you.In today’s blog, The Whitlock Co....

High-net-worth individuals already have a robust income. But do you have a strategy in place for maximizing your wealth for the future? You’ll need a great plan in place to realize your financial...

As a millennial, you’re probably not thinking too much about financial planning. You aren’t ready for retirement yet, but in about 10 to 20 years you’ll be thinking more and more about a nest egg...

The House of Representatives approved the infrastructure bill passed by the Senate in August 2021. Included in the provisions of the law are how cryptocurrency investors report their gains or...

Written by Olivia Cole As we age, our families are often burdened with the ever-increasing long-term care expenses related to home health care services and nursing home care. When not covered by...

written by Olivia Tinkler Protecting the value of your individual retirement accounts (IRAs) and other retirement accounts is incredibly important. IRAs – both traditional and Roth IRAs – are among...

written by Cara Stewart If you made a big gift before the end of 2016, you may be wondering what your gift tax liability may be. You may have to file a federal tax return even if you do not owe any...

written by Eric Lampe Many of us have charitable organizations that are important or special to us. We know that they are supported in large part by volunteers, which is why we sign up to help out....

Your business might need to file a Beneficial Owners Information (BOI) Report under the Corporate Transparency Act (CTA) before Jan. 1, 2025.This is a new filing taking effect if your company...

The Whitlock Co. wants to warn business owners of a recent scam involving the Corporate Transparency Act (CTA).The Financial Crimes Enforcement Network (FinCEN) has issued an alert about...

As businesses continue to operate more on digital platforms, the threat of cyber-attacks has become a constant concern. With the increasing sophistication of hackers and the prevalence of cyber...

Are you a small business owner wondering if your current accounting software is the right fit for your company? Accounting software is a great tool to help with bookkeeping, invoicing, taxes, and...

With the rise of ransomware, malware, and other cyberattacks, you need a robust cybersecurity system to protect your business. Artificial intelligence (AI) offers powerful solutions for keeping...

The Taxpayer First Act (TFA), signed in 2019, mandated that the U.S. Treasury prescribe regulations to decrease the amount of returns the tax agency receives in paper form. In February 2023, the...

To combat fraud in the workplace, Congress authorized, and the president signed, the Corporate Transparency Act (CTA) of 2019. Several key provisions of that act go into effect on January 1, 2024,...

As economic uncertainty still looms, creating a company culture where people want to work can help with retention in lean times. This is particularly important as AI and automation continue to...

The Whitlock Co. is pleased to announce the promotion of Kami Bailey, CPA, to the position of Partner. This well-deserved promotion reflects Kami's skills, dedication, and contributions to the...

The Whitlock Co. is pleased to announce the appointment of Josh Beaird, CPA, CIA, as its new Chief Executive Officer (CEO). In his new role, Beaird will assume overall responsibility for...

Cybersecurity threats are everywhere. Unfortunately, some of the biggest threats could come from within your own organization. For example, someone clicks on a link in an official-looking email...

The IRS recently released a portion of its strategic operating plan outlining how it will allocate the $80 billion it was allocated in the Inflation Reduction Act of 2022 over the course of 10...

ChatGPT is an AI-powered, open-source chatbot that has been taking the tech world by storm. Used for more than just chatbots, ChatGPT can mine information from trillions of data points using...

In late February, the Federal Reserve, FDIC, and OCC released a joint statement about the risks associated with using funding sources from crypto-asset-related entities as well as effective...

Late last fall, the Consumer Financial Protection Bureau (CFPB) issued guidance on bank overdraft fees it labels as “unfair” or “unlawful” along with teasing forthcoming regulations to reign in...

According to the Federal Bureau of Investigation, in 2021 there were 847,376 malicious cyber-attacks. Of those, 323,972 were phishing and vishing attacks. A phishing attack is where a nefarious...

With the passing of the Consolidated Appropriations Act for 2023, a major retirement overhaul was slipped into the spending package, meaning more people could have access to employer-sponsored...

With the new SECURE 2.0 Act of 2022, there are great benefits for both participants and non-participants alike to consider in the coming years related to retirement plans. The SECURE 2.0 Act...

The 2021 American Rescue Plan Act (ARPA) included a law that requires payment servicing entities (PSEs) like Venmo, PayPal, eBay, and Etsy to file Form 1099-K to taxpayers and the IRS for anyone...

This year saw many crypto investors receive substantial losses. In addition, the IRS has new rules related to crypto transactions that previously were able to avoid reporting. But there is one bit...

Companies looking to make tax deductions on research and development on their 2022 returns may have to take smaller deductions because of new tax rules. Passed as part of the 2017 Tax Cuts and Jobs...

The global economic forecast for 2023 talks about slowed growth at best and a recession at worst. Even with 2.6% growth in the U.S. GDP for Q3 2022, economists still believe slower growth is on the...

Medical marijuana became legal in Missouri in 2018. An amendment was on the ballot on November 8, 2022, for marijuana to be approved for recreational use, and it was approved by voters. As of the...

The Employee Retention Credit (ERC) came about during the emergence of the COVID-19 pandemic in  March 2020 as a way to incentivize small businesses to keep full-time employees on the...

Many economists predict a looming recession in the coming year. A recession is when the economy decreases for several consecutive months, including constriction of gross domestic product, high...

Quickly becoming the next pandemic of sorts, romance scams are spreading exponentially. With social networking sites and online dating apps exploding over the past decade, it has created an...

by Josh Beaird, Partner, CPA at The Whitlock Co.The current business environment has many challenges, as global events impact firms, businesses, and employees in Missouri. One of these...

The emergence of COVID-19 changed our way of working completely. To keep companies operating during the shutdown, many allowed employees to work from home. With the decline of COVID-19, some...

The word “blockchain” has been floating around for the past couple of years. Although most people have heard the word, they may not really understand what it really is. This article will shed some...

Back in 2019, the American Institute of Certified Accountants (AICPA) rolled out a new audit standard for employee benefit plans (EPBs). Known as Statement on Auditing Standards (SAS) 136, the...

The Whitlock Co. and our team of CPAs and business advisors help privately owned companies with outsourced accounting and CFO services, strategic business planning, budgeting, and...

G-20 leaders met in Rome in late October 2021, and part of their discussions revolved around approving a global minimum tax on corporations.If the deal moves forward, it represents a...

Two senators have introduced legislation proposing a 7% tax on book profits for corporations earning $100 million or more. It’s part of a massive reconciliation package being discussed in...

The House of Representatives approved the infrastructure bill passed by the Senate in August 2021. Included in the provisions of the law are how cryptocurrency investors report their gains or...

The debt ceiling, or debt limit, of the United States is an important tool used by the U.S. Treasury Department to ascertain how much money the department can borrow in order to pay weekly or...

Tax collection obligations for out-of-state retailers that do not have a physical presence in Missouri will need to pay a Wayfair sales and use tax beginning in January 2023 after Governor Mike...

The recent changes in the Child Tax Credit expansion included in The American Rescue Plan Act (ARPA) will help many families receive advance payments starting this summer. The Child Tax Credit...

It has been over a year since the COVID-19 pandemic became real in many of our lives. This past year has seen many businesses forced to make quick and short-term decisions for survival such as...

These are the top tax related items in the American Rescue Plan Act. Additional detail can be found in this article from the Journal of Accountancy or by calling your Whitlock advisor.Unemployment...

By Chris Griesemer, Partner and Information Technology Security Specialist for Community Banks A client of mine at The Whitlock Co. recently brought to my attention that insurance companies are...

For calendar year’s 2021 and 2022, the new COVID-19 relief package, formally known as the Consolidated Appropriations Act, will make major changes to the deductions for business meals. Businesses...

By Chris Griesemer I follow Kim Zetter (@KimZetter) on Twitter.  She is a cybersecurity journalist and gave a good explanation of what is known so far with the SolarWinds hack. To start with,...

COVID-19 has changed many things in a short amount of time. This includes the way we work and interact with one another. It is very important to The Whitlock Company to protect the health of our...

Written by Jennifer CochranThe bulk of the bill lays out how the government will appropriate federal budget monies across various departments and programs. However, the bill also includes...

Most of the changes enacted by the Tax Cuts and Jobs Act took effect in tax year 2018. So the current tax-filing season is the first season in which businesses will file their returns based on the...

In the world of accounting pronouncements, it can sometimes take years from the time a pronouncement is made until it becomes effective. This is to give accountants and businesses plenty of time to...

KANSAS CITY, Mo. – The Whitlock Company is shaking things up in Kansas City, welcoming bank tax specialist Steve Johnson into the fold. Johnson will serve as Partner in Whitlock’s dynamic Community...

The accounting for revenue recognition will be changing with the issuance of Accounting Standards Codification (ASC) 606 by the Financial Accounting Standards Board (FASB). The deadline for...

Historically, banks have based credit loss reserves on the amount of loan losses they’ve incurred in the past. However, this will soon be changing—and this change will represent one of the biggest...

written by Ray Moncrieffe 1,571,056. That’s the number of tax-exempt organizations in the United States, according to the National Center for Charitable Statistics. Whether you donate to your...

Springfield, Mo. – The Whitlock Company is proud to announce the promotion of 11 employees to leadership positions, including two as partner, following remarkable company growth.In Whitlock’s...

written by Ray Moncrieffe The IRS issued proposed regulations regarding the qualified trade or business income deduction which was enacted by the Tax Cuts and Jobs Act signed into law on December...

The Whitlock Company is redefining what traditional accounting means; expands Kansas City market and hires five new employees. Coming off the acquisition of RPA CPAs and RPA Consulting in June of...

written by Blair Groves In December, Congress passed, and President Trump signed into law the biggest tax reform measure in more than 30 years: the Tax Cuts and Jobs Act (TCJA). The legislation...

written by Ray Moncrieffe The Tax Cuts and Job Act, enacted on December 22, 2017, brought about some major changes in the tax code. These changes are generally positive for businesses. One of the...

written by Jennifer Cochran The Tax Cuts and Jobs Act will likely be implemented in the next few days. A large number of provisions affect individual and business taxpayers. Below is a recap of the...

written by Patricia Stoner Myers As you may have already heard, Equifax, one of the three credit monitoring agencies, suffered a data breach from May through July 2017. They discovered the...

The Whitlock Company was recently named as one of the 2017 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify companies that...

written by staff of Governor Eric Greitens The Missouri Department of Economic Development (DED) announced that The Whitlock Company, a full-service accounting firm, is expanding in Missouri. As a...

written by Susan Perrin On June 7, 2017, the Kansas Legislature overrode the governor’s veto of a bill that reversed many of the Kansas tax reductions put in place in 2013. This means that many of...

The Whitlock Company (TWC), a regional accounting and business consulting firm with three offices, has reached a deal to acquire Kansas City-based RPA CPAs, LLC and RPA Consulting, Inc. (RPA)...

written by Jacque Mattson On April 26th, President Trump unveiled his much-anticipated tax reform outline the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for major...

The Whitlock Company is happy to announce four new hires:Richard Stone, Firm Administrator Angela Tummons, Outsourced Accounting Supervisor Serena Whorton, Staff Accountant Cara Stewart,...

On October 1, 2016, Springfield-based accounting and professional services firm The Whitlock Company welcomed three staff members and Partner Jack E. Weimer, CPA to their company. This merger will...

written by Chris Griesemer Every year Verizon comes out with its Data Breach Investigations Report. This year the report was based on 79,790 security incidents, 2,122 data breaches and 70...

The Whitlock Company is honored to announce their donation of more than 100 coats to The Kids Closet this holiday season.This annual tradition has been ongoing for the past 11 years, and is done...

On November 1, 2015, The Whitlock Company opened an office in Overland Park, Kansas.The new office will be managed by Chuck McCann, CPA. McCann was a founder of the national firm, Mayer Hoffman...

written by Aaron Spencer Consistent with recent changes to other accounting and auditing pronouncements, the AICPA has clarified standards governing the accounting and review services performed by...

written by Blair Groves We have all heard the phrase “heightened regulatory environment” regarding the expectations the banking industry is facing from their regulating agencies. With the latest...

written by Chris Griesemer This month we will review a case study to learn how The Onion was hacked and review their security measures. In December we reviewed the Target data breach, and the...

written by Jacque Mattson In August, we wrote about choosing a Partnership instead of an S Corporation (click here to read the article). In this article we will examine the advantages of an S...

Elmer Selim, April 10, 1938 - September 14, 2014. Elmer C. Selim, Jr., age 76, passed away Sunday, September 14, 2014 at his home in Springfield, MO surrounded by his family. Born April 10, 1938 to...

Springfield, Mo – The Whitlock Company is celebrating new company growth with four recent hires: Amy Shewmaker, Kami Mason, Joe Farias and Chris Podurgiel. Amy Shewmaker will work in small business...

The Whitlock Company congratulates Chris Griesemer on his promotion to a Partner of the firm. Chris has been a valued member of The Whitlock Company team since 1999.Chris has worked as a network...

The Whitlock Company congratulates Kathy Hillenburg on her promotion to a Partner of the firm. Kathy has been a valued member of The Whitlock Company team since 1987.With more than 20 years of...

written by Joe Page On November 1, 2011, Springfield-based accounting and professional services firm The Whitlock Company welcomed five staff members and Partner Paula Wilson, CPA of Mitchell Roy...

The Whitlock Company was recently named as one of the 2011 Best Accounting Firms to Work for. The annual list of “Best Accounting Firms” was created by Accounting Today and Best Companies Group....

Second Year Straight The Whitlock Company was recently named as one of the 2009 Best Accounting Firms to Work for. This is the second year in a row that Whitlock has received the designation.  The...

What makes an accounting firm a great employer? Is it exceptional benefits? Flex time? Opportunities for advancement?As you might expect, the tactics that make for success vary from firm to firm;...