Update: Tax Deductibility of Expenses under PPP
As we discussed in our email blast on Friday April, 14th, Congress did not specify in the CARES Act whether expenses paid with Paycheck Protection Program (PPP) loan proceeds would be deductible to the extent the PPP loan is forgiven. In other …
CARES Act $30 Billion in Provider Relief
Stepping away briefly from the PPP and EIDL loans that have captured many pharmacy owner’s attention these past several days, the CARES Act includes $30 Billion in relief funds that the Department of Health and Humans Services will release to hospitals and …
Early Insights on the PPP Loan Forgiveness Application
On May 15, 2020, The Small Business Administration (“SBA”) in conjunction with the Department of the Treasury released the Paycheck Protection Program (“PPP”) Loan Forgiveness Application along with detailed instructions. Download the application here. The application is thorough, resembles a tax return …
Safe Harbor Certification For Small PPP Loans, But Document Use Carefully
When applying for the Paycheck Protection Program, every applicant had to certify that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.” No one knew exactly what this meant, therefore, our suggestion was to …
PPP Loan Forgiveness for Pharmacies
Have you received a PPP Loan? Once you receive these funds, the real work begins. Ollin Sykes and Scotty Sykes provide early insights on what pharmacies will need to track and report regarding use of PPP funds. This documentation is required in …
Financial Relief for Medicare Providers – Accelerated and Advance Payment Program
The Centers for Medicare and Medicaid Services (CMS) has expanded its Accelerated and Advance Payment Program for Medicare participating doctors, hospitals, durable medical equipment suppliers and other Medicare Part A and Part B providers and suppliers. The program is designed to increase …
Coming out of COVID: 5 Objectives for Boosting Rx Business and Cash Clinical Services
Coming out of the sudden, severe lockdowns from the coronavirus disease 2019 (COVID-19), pharmacies are adjusting to a new way of serving patients and providing services. To build some positive momentum, here are 5 ways that current pharmacy owners are adapting their …
2021 Advance Child Tax Credit Payments | Opt Out to Claim Full Credit on Tax Return
Legislation passed by the Biden Administration in March 2021 has authorized the IRS to send advance Child Tax Credit payments to taxpayers who qualify. The federal Child Tax Credit has been increased to $3,600 per dependent child ages 5 and under and …
CARES Act and Employer-Provided Education Assistance
The CARES Act added a provision to an existing code section that allows an employee to receive, on a tax-free basis, up to $5,250 each year from his or her employer for expenses associated with a “qualified educational assistance program”. This assistance …
Section 139 Allows for Some Payments to be Tax-Free and Tax Deductible
After the terrorist attacks on September 11, 2001, Congress added a little-known tax provision to the tax law. This provision exempts certain payments from taxation during a disaster or terrorist attack. President Donald Trump’s national emergency declaration triggered the disaster provisions of …
