Pass-through Deduction for Qualified Income from the Pharmacy
The last time major tax reform was signed into law I was a one-year old baby in 1986. But sure enough The Tax Cuts and Jobs Act is finally here after all these years and it’s quite a change. One of the …
Classic Video: Key Tax Reform Issues That Impact Pharmacies
Below are a few of the key changes that potentially impact you and your pharmacy following the Tax Cuts and Jobs Act of 2017. A flat tax rate of 21% for C Corporations could be a positive change for the C Corporation …
Protect Your Pharmacy Data from Hackers
In this video, IT expert Chris Sykes talks about why hackers target small business owners, especially those in the medical industry. Chris shares the types of data that hackers find valuable, and why security awareness training is so important to manage your …
Pharmacy Owner Compensation and Payroll Expenses
How does a pharmacy owner determine his or her own salary? Scotty Sykes shares the planning factors to consider for owner compensation and provides the average salary to use as a baseline. He also discusses the NCPA benchmark for payroll expenses. …
DIR Fees: Accounting and Tax Treatment
How should pharmacies treat DIR (Direct and Indirect Remuneration) fees from an accounting and tax perspective? Ollin Sykes of Sykes & Company, P.A. explains the complexity of DIR fees. He also shares how to track these fees and keep your pharmacy reporting …
Classic Video: Outsourced Bookkeeping vs. Outsourced Accounting for Your Pharmacy
Sykes & Company, P.A. has compared having an in-house bookkeeper for your pharmacy to having an outsourced accounting solution, but what about an outsourced bookkeeping solution? Scotty Sykes, CPA shares the difference between an outsourced bookkeeping solution and an outsourced accounting solution. …
Sykes & Company, P.A. Names Bonnie Evans Bond and Scotty Sykes as Shareholders
As part of its growth strategy, Sykes & Company, P.A. has named Bonnie Evans Bond, CPA, and Scotty Sykes, CPA, CFP as shareholders. Bonnie joined Sykes & Company, P.A. in 2005 and quickly settled into the firm’s client-focused culture. She works with …
Classic Video: Last Minute Tax Strategies for Pharmacy Owners
How can pharmacy owners maximize their deductions for 2017? Scotty Sykes shares last minute tax strategies for pharmacy owners to maximize their 2017 returns. These tax strategies include prepaying your state and local estimated taxes, making charitable contributions, planning around pharmacy entertainment …