Tax Insights Update: Expensing and Net Operating Loss Calculations
In this video, Ollin Sykes gives an update on the TCJA regarding how pharmacists should plan ahead to properly expense and calculate net operating losses in light of tax law changes through 2025, including 199A with the 20% passthrough deduction and the …
Meals and Entertainment Deduction: New Tax Law Reform
Under the tax reform of the Tax Cuts and Jobs Act (TCJA), the rules have changed in regards to the meals and entertainment deduction. In an article for America’s Pharmacist, Scotty Sykes of Sykes & Company, P.A. addresses these changes and how …
Tax Reform Impact on Independent Pharmacies
Under the tax reform of the Tax Cuts and Jobs Act (TCJA), the rules for deduction and depreciation have changed significantly and are sure to have an impact on the pharmacy industry. Having a good understanding of these changes and strategically planning …
Four Pharmacy Accounting & Tax Tips
Proactive accounting throughout the year is one of the best tax planning strategies for your independent pharmacy and will save you money and stress. Scotty Sykes, CPA at Sykes & Company, P.A. shared with Pharmacy Times a few key areas that can help …
Build an Accounting Foundation for Pharmacy Success
When something in viewed as not important or a burden, it can quickly fall to the bottom of the priority list. Scotty Sykes, CPA explains how the accounting for your pharmacy business is the foundation that allows you to serve your patients …
Cloud Based Accounting for Pharmacies
The most successful independent pharmacies are taking full advantage of accounting innovation. Scotty Sykes of Sykes & Company, P.A. shared with America’s Pharmacist how today’s accounting systems can help pharmacies address the challenges they are facing, such as cash flow issues, tax and regulatory …
Accounting for Your Pharmacy – Beyond the Bank Account
Using your bank account as your pharmacy’s accounting system leaves you in the dark about the true performance of your pharmacy business. Scotty Sykes explains in an issue of ELEMENT Show detrimental this can be for your independent pharmacy. In the article, …
Don’t Get Taxed to the Max
Many independent retail pharmacies are experiencing tighter cash flow and may be paying Uncle Sam more than they are legally required to. Scotty Sykes, CPA at Sykes & Company, P.A. recently shared with America’s Pharmacist four strategies that could benefit your retail pharmacy and …
IRS Section 199 repeal: What it Means for Compounding Pharmacies
The Qualified Business Income Deduction, Section 199A, has eliminated the deduction that compounding pharmacies were able to take. Scotty Sykes, CPA shared with Focus: Compounding that there is still a window of opportunity for independent pharmacies to amend prior year tax returns to …
Compound Your Way to Lower Taxes
How can you lower your taxes and save money through compounding? Scotty Sykes, CPA recently shared how special deductions through the Domestic Production Activities Deduction (DPAD) can benefit independent pharmacies with America’s Pharmacist. In the article, he shared: Eligibility considerations for pharmacies Factors …