Key Tax Reform Issues to Impact Pharmacies in 2018
The Tax Cuts and Jobs Act passed by President Trump is sure to have an impact on the retail community pharmacy industry. In this video, Scotty Sykes, CPA, CGMA shares key changes that could potentially impact you and your pharmacy including:
- A flat tax rate of 21% for C Corporations (0:06)
- The elimination of the domestic product activities deduction (1:32)
- The repeal for amounts paid or incurred for entertainment expenses (2:22)
- UNICAP Section 263A gross receipt test is increased from $10 million to $25 million (3:24)
- Pass-through pharmacy entities will be eligible for the deduction of qualified business income (QBI) (4:38)
Passenger automobiles see an increase in depreciation (5:59) Be proactive and stay with Sykes & Company, P.A. as we break down tax reform and what it means for pharmacy owners.