In the world of independent pharmacy, managing cash flow can feel like a constant balancing act. Even when revenue looks healthy, cash shortages can still happen—leaving owners scrambling to cover payroll, pay vendors, or reinvest in their operations. If this sounds familiar, the issue may...
Here is what the firm has been up to since our last newsletter. Promotions and New Hires: On August 25, we welcomed Jessica Wyant to the team as a Senior Audit Associate, and on August 11, Henry Kunz joined us as an Audit Associate! We’re excited to...
At Blackman & Sloop, our core values aren’t just words on a wall — they’re the compass that guides us every day. From how we serve our clients to how we support each other, these values shape our culture, fuel our growth, and keep us...
Independent pharmacies operate in a fast-moving and highly regulated environment. While owners focus on patient care and community engagement, small but steady profit leaks can go unnoticed—leading to long-term financial strain. At Blackman & Sloop, we work with pharmacy owners to help them identify and...
In July 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update is especially helpful for nonprofits, as it simplifies how organizations measure allowances for credit losses, an...
For nonprofits, audit readiness has evolved far beyond simply ticking a compliance box. It’s now a critical part of building strong leadership, earning the trust of supporters, and demonstrating responsible stewardship of every dollar. When your financial information is clear, accurate, and timely, it sends...
If you're near retirement — or already there — market dips hit differently. When you're still in your 30s or 40s, a downturn is just a blip on a long timeline. When you're in your 50s, 60s, or beyond? It feels a lot more personal. A lot more...
Navigating the labyrinth of return filing requirements for tax-exempt entities can seem daunting at first glance. However, understanding these requirements is crucial for maintaining your organization's tax-exempt status and ensuring compliance with the Internal Revenue Service (IRS). This comprehensive guide will walk you through the...
UNDERSTANDING REASONABLE CAUSE ABATEMENT Reasonable cause abatement is a provision that allows taxpayers to request the removal of certain penalties based on circumstances that prevented the taxpayer from complying with tax laws. This relief is grounded in the principle that, despite the taxpayer’s best efforts, compliance...
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When...
