Meals Expense Update for 2021
Under the Taxpayer Certainty and Disaster Relief Tax Act of 2020, business owners can now deduct 100% of qualifying, business-related meals for tax years 2021 and 2022, but only if those meals are purchased at a restaurant. This special deduction is designed …
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 …
Fixing Your Independent Pharmacy Accounting Mystery
Is the accuracy of your independent pharmacy financial statements a mystery? Maintaining monthly accrual-based financial statements helps to ensure that your accounting information is up-to-date and accurate. Ollin Sykes, pharmacy CPA, describes the information you will want to collect monthly to better …
Best Practices for Compensating Delivery Drivers and Independent Contractors
Sykes and Company, P.A. recommends delivery drivers be paid as W-2 employees and not as independent contractors. We base this recommendation on three factors per IRS regulations – Behavioral Control, Financial Control and Relationship of the Parties. The Behavioral Control encompasses facts that demonstrate …
Best Practices for Pharmacists’ Compensation
Sykes and Company, P.A. recommends pharmacists be paid a weekly or biweekly salary, not an hourly wage, and they should be exempt from overtime. Pharmacists may be exempt from overtime under the Professional Exemption, as a Learned Professional. To qualify for the …
Working With — Not Against — PBMs
It makes business sense for an independent pharmacy to work collaboratively with PBMs, as opposed to having an adversarial relationship. This Master the Margin webinar hosted by Sykes & Company, P.A. discusses exactly how the pharmacy can work with PBMs on a …
After COVID-19: Growth Opportunities for an Independent Pharmacy
Growth opportunities for independent pharmacies after COVID-19. Ollin Sykes, pharmacy CPA, describes the role of the independent pharmacy as community healthcare provider post COVID-19. Independent pharmacies have new opportunities to interact with patients about prescriptions, vaccinations and various clinical services. Learn more …
Opening a Start-Up Pharmacy: Your Step-by-Step Process
There are many factors to consider to make your start-up pharmacy successful. Pharmacy CPA, Ollin Sykes, discusses the importance of a business plan and market analysis. This plan should include sales, profit and cash flow projections. Once this is complete, make sure …
5 Ways to Diversify Services in Your Pharmacy
As the coronavirus disease 2019 (COVID-19) hits record levels in many cities, pharmacists play an integral role supporting nationwide vaccinations. Times like these serve as perfect opportunities to discuss pharmacy service diversification. In community and independent pharmacies, additional services can make a …
