Four Common Tax Mistakes in Pharmacies
Are your independent pharmacy’s taxes correct? You may be paying more than you should. Watch the video below, covering common mistakes made in the Form 199A, accrual to cash accounting issues, writing off inventory and not deducting items such as insurance expenses. …
Personal Financial Planning for the Pharmacy Owner
We have had great interest in our Master the Margin webinar about Personal Financial Planning for the Pharmacy Owner. Our guests were Elizabeth A. Delude, CFA® and Walker W. Phillips, CFP®, CIMA® who are portfolio managers for Palladium Registered Investment Advisors. In …
Tax Credits for Employers Available until September 30, 2021
The American Rescue Plan Act (ARPA) of 2021, signed on March 11, 2021, extends the expiration date of the employment tax credits under the Families First Coronavirus Response Act (FFCRA) until September 30, 2021. Employers are no longer required to provide emergency …
2021 Employee Retention Tax Credit for Independent Pharmacies
Does your independent pharmacy qualify for the 2021 Employee Retention Tax Credit? Watch this video for more information. The tax credit is a continuation of the Consolidated Appropriations Act (CAA), which was signed into law to help businesses struggling under the COVID-19 …
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 …
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 …
2020 Employee Retention Tax Credit for Pharmacies
The Consolidated Appropriations Act (CAA), signed into law at the end of 2020, expanded the Employee Retention Tax Credit, which helps businesses struggling economically due to COVID-19 to keep employees on the payroll. Not all pharmacies will qualify, but this video by …
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) …
