COVID-19 Paycheck Protection Program Application Available Now
As part of the CARES Act, which is the U.S. economic relief and stimulus package recently passed into law, the Department of the Treasury has released a Paycheck Protection Program (PPP) loan application and supplemental information on its website to help small …
Paycheck Protection Program Flexibility Act (PPPFA) Enhances Borrower Options
Congress has passed the Paycheck Protection Program Flexibility Act (“PPPFA”) which amends the CARES Act and the Small Business Act to modify certain provisions related to the forgiveness of loans under the Paycheck Protection Program (PPP). This program continues to evolve, however …
An Accounting Prescription Series: 4 Quick Accounting & Tax Tips for 2016
By Scotty Sykes, CPA There are several things you can be doing on a daily basis to improve your accounting and tax situations. Procrastinating with your accounting and taxes until year end can cost you money and time – plus leave you …
I already have a CPA
All of our clients had a CPA before they switched to us. These are some of the questions that inspired them to move to Sykes & Company, P.A.: Do you know where your pharmacy stands every day (not just your bank account …
Do You Need a Comprehensive Pharmacy Accounting System (CPAs)?
It is critical to work with a proactive and responsive accounting team with pharmacy-specific expertise to help guide you through the complex accounting and tax hurdles you face every day. Our system is designed to give you accurate and timely information to …
Accounting Prescription Series: Proactive Review of Your Accounting & Tax Systems
By Scott Sykes, CPA, CFP I’m sure at one point or another, you’ve wondered what a second opinion of your tax return and accounting system would yield. Maybe you had a big tax surprise on April 15 or random IRS notices, or …
Focus on DIR Fees: Three Ways to Manage Them
When looking at the P&Ls of many independent and community pharmacies, DIR fees are now the third largest expense to impact store cash flow and profitability. Although more and more third party reconciliation systems are reporting monthly DIR fees and related adjudication …
FAQ Regarding SBA Expanded EIDL Program
The U.S. Small Business Administration (SBA) recently announced that it is quadrupling the Economic Injury Disaster Loan (EIDL) cap from $500,000 to $2 million. Answers to many questions pharmacy owners have regarding the EIDL can be found in the new FAQ Regarding …
States Gain Power to Regulate PBM Rate Reimbursements, Supporting Independent Pharmacies
With the 2020 Supreme Court ruling, Rutledge v. Pharmaceutical Care Management Association, states have gained power to require PBMs to reimburse pharmacies for drugs at a rate equal to or higher than the pharmacies’ wholesale cost. The unanimous 8-0 opinion stated that …
How the Cash Accounting Method Can Optimize Tax Savings
Numerous funding programs issued in 2020 have provided independent pharmacies with the opportunity to optimize cash flow and tax savings. After many pharmacies received Paycheck Protection Program (PPP) relief loans, Small Business Administration (SBA) debt relief and Economic Injury Disaster Loan (EIDL) …