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I don't know what is wrong, but it doesn't look good. The black colour is working it's way down. What should I do? I thought about cutting off an inch before the black stem and hope that something grows back.

I don't know the name of the plant, so I included a picture of a leaf.

Here are the pictures:

Cut off the black part of the stem until you reach healthy tissue. Use a very clean pruner or blade. I would also take a look at the roots. Rotting tops may not be getting water from rotting roots.

Thanks for the reply!

I thought about cutting the stem also, but I am worried that nothing will grow back. :/

I will cut off the black portion and below it to make sure I can keep a healthy portion.

I will check the rootball. All tho, bottom stem seems fine and no black flies around.

Your plant appears to be a scheffelera