News Updates | Blackman & Sloop

Nonprofit Expense Allocation

August 1, 2011

Over the past fifteen years, there has been more pressure on nonprofits to conform to the expectation set by stakeholders to keep overhead expenses (supporting services activities) down and therefore maximize the use of unrestricted and temporarily restricted funds that can be used on programmatic activities.

Multiple List Entries Simplifies Record Changes

August 1, 2011

Data entry and modifications in QuickBooks can be tedious. Beginning with QuickBooks 2010 Pro Edition and above, that job got a lot easier.

Renting Your Home

August 1, 2011

Is the housing market affecting your decision to move? Many have delayed moving in the hopes that the housing market will recover. Unfortunately, some have the need to move and are saddled with a home that they cannot sell. One way people have found to weather the situation is to rent out their home until the market improves.

Payroll Taxes – A Hot IRS Initiative

July 12, 2011

Because the IRS believes it can collect a lot of taxes, it is going to select 500 nonprofit organizations for payroll audits in each of the next three years (as well as a high number of for-profit companies).

Job-Tracking Adds Precision To Your QuickBooks Company

June 30, 2011

Does your business have clients whose work sometimes requires multiple steps drawn out over weeks or months, like remodeling projects or court cases?

NC Sales and Use Tax Rate Decreasing

June 21, 2011

The North Carolina general sales and use tax rate is scheduled to decrease from 5.75% to 4.75% on July 1, 2011. As a result, 82 counties in North Carolina will have a combined state and county tax rate of 6.75% with 17 other counties taxing at 7%.

2010 Form 990: Calm After The Storm

May 31, 2011

We are now approaching the third year of the redesigned form 990 with its 14 new lettered schedules.

Are Your QuickBooks Company Files Tamper-Proof?

May 27, 2011

Every month, we provide information on how to better use QuickBooks. By implementing the best methods for managing your accounting data, you can actually improve your financial bottom line.

June 30 Deadline for Foreign Bank Account Reporting

May 27, 2011

You may need to fill out Treasury Department Form 90-22.1 (PDF) every year if you own, or have an interest in, any foreign bank accounts or other types of financial accounts based outside the United States. This report is separate from your income tax return, although the two reports can be interrelated.

Nonprofit Organizations: Are You Prepared For The Unknown?

May 11, 2011

There could be a fine line between being a “rich” organization; having several months of operating reserves…