Office of Management and Budget (OMB) Issues Addenda to 2021 Compliance Supplement OMB issued a Federal Register notice announcing the issuance of Addendum #1 to the 2021 Compliance Supplement (Supplement) on Dec. 3, 2021. Addendum #1 includes the following two programs: (1) the Coronavirus State and...
By: Marc Berger, CPA, JD, LLM The IRS Tax-Exempt and Government Entities (TE/GE) Division released its “Fiscal Year 2021 Accomplishments Letter” on Jan. 6, 2022. The letter contains information about the TE/GE’s contributions to the tax administration process and describes the division’s accomplishments during the recently...
By: Amy Guerra, CPA The financial statement presentation for not-for-profit entities (NFP) experienced an overhaul with Accounting Standards Update (ASU) 2016-14, “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.” Prior to the ASU, only voluntary health and welfare organizations had a requirement to...
By Adam Cole, CPA, and Andrea Espinola Wilson Amid the early stages of the COVID-19 pandemic, many nonprofits saw an increase in goodwill as individuals and organizations were inspired to give back in a time of crisis. Now, nonprofit leaders are looking to understand how they...
What year did you join Blackman & Sloop? 2015 Where did you go to college? NC State University (Undergraduate and Graduate) Why did you choose Blackman & Sloop? I wanted to join a smaller, close-knit firm that provided the opportunity to see a wide variety of clients and audit areas....
The 2022 tax season is at a close and here is what has been going on at the firm since our last newsletter. New Hires KeKe Lassiter-Farrington joined the team on February 1 as a Business Advisory Associate. Andrew Olson joined the team on February 16 as a...
Cybersecurity experts estimate that there is a ransomware attack every 11 seconds. This is a big challenge for individuals, businesses, and governments alike. In ransomware attacks, cybercriminals encrypt a victim's network or data, making it inaccessible until a ransom is paid. Despite organizations' efforts to reduce...
You can do a lot of your accounting work in QuickBooks Online by generating reports. You can maintain your customer and vendor profiles. Create and send transactions like invoices and sales receipts, and record payments. Enter and pay bills. Create time records and coordinate projects....
Taking over your aging parents’ finances is not easy. But it’s something that can be handled in an organized, compassionate way. Here’s a roadmap that shows how to embrace it and do the right things for everyone involved. Start the conversation early. Right now, your parents...
One of the easiest ways to save for retirement is to participate in an employer-sponsored retirement plan. You simply select a percentage of your paycheck that you would like transferred to your 401(k) (or similar) account. Not only does your employer make the transfer for...
