Pharmacy Selling Options: Asset Sale vs. Common Stock Sale
When selling an independent pharmacy, a determination needs to be made about whether it will be an asset or common stock sale transaction. Mitigating your tax obligation in a sale takes planning and your entity status will be a factor in that …
2018 Year End Payroll Tips
Are you giving your employees a bonus in 2018? If so, make sure to include those in payroll to avoid IRS penalties. Scotty Sykes, CPA, explains why your pharmacy should include employee bonuses in year-end payroll. Plus, learn what types of gifts …
Last Minute Tax Planning Tips for 2018
There are just a few weeks left before year-end. If you haven’t done strategic tax planning for 2018, there is still time to make some tweaks before the books close. In this video, Scotty Sykes, CPA, shares tips to ensure your pharmacy …
Why the First 18 Months of a Pharmacy Start-up are Make or Break
The first 18 months is a critical time for any pharmacy start-up to become successful. In this video, Ollin Sykes of Sykes & Company, P.A. discusses what it takes to be cashflow positive, what to do in those first 18 months to …
The Sleeper Tax Item for Pharmacies in the TCJA
Under the Tax Cuts and Jobs Act, some retail pharmacies can opt to move their accounting from an accrual basis to a cash basis, which could result in adjustments as far back as the 2015 tax year. It is optional, but could …
Basic KPI for Successful Pharmacies
There are a few important key performance indicators (KPIs) that pharmacies need to be concerned with. Liquidity ratios are one of the most important KPIs for independent pharmacies today. In this video, Ollin Sykes of Sykes & Company, P.A. shares how to …
Meals and Entertainment – IRS Guidance Released
The IRS has released guidance on the meals and entertainment section of the tax reform. In this video, Scotty Sykes, CPA of Sykes & Company, P.A., discusses what is still deductible, under what conditions and what is no longer able to be …
The NCPA Foundation Disaster Relief Fund
The NCPA Foundation has a relief fund available for community pharmacy owners to provide financial relief in the event of disaster, accidents, illness or other adverse circumstances. In this video, Scotty Sykes, CPA of Sykes & Company, P.A., discusses the basics of …
Trends for DIR Fees in 2018
Direct and indirect remuneration (DIR) fee increases are being implemented in 2018, but may be retroactive to 2017 in some cases. In this video, Scotty Sykes, CPA of Sykes & Company, P.A. discusses the trends in DIR fees for 2018 and what types …