ERTC Update: Incorrect Claims, New Tax Bill, and More!
The IRS continues to crack down on incorrect ERTC claims and recently released an update shining a light on 7 warning signs of incorrect claims. On this special bonus episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP, and Bonnie …
3 Last Minute Tax Planning Strategies for Independent Pharmacies
Navigating the complexities of tax planning for pharmacies can be tricky. However, after over 40 years of working with independent pharmacies, we’ve seen the good, the bad and the ugly when it comes to tax planning for independent pharmacies. In previous years, …
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 …
Payroll Taxes
Social Security Administration – The official website of the SSA. Lots of information and forms available for download. US Department of Labor – A wealth of information on scores of topics: Child labor, minimum wage, overtime, unions, family and medical leave, etc. …
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 …
Tax-Smart Depreciation on Pharmacy Buildings and Equipment
Employing tax-smart strategies for asset depreciation can help pharmacy owners take advantage of tax saving opportunities. In order to do so, it’s important that your real estate and pharmacy accounting is correctly set-up. In this video, Scotty Sykes, CPA, CFP® of Sykes …
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 …
Tax Reform Impact on Independent Pharmacies
Under the tax reform of the Tax Cuts and Jobs Act (TCJA), the rules for deduction and depreciation have changed significantly and are sure to have an impact on the pharmacy industry. Having a good understanding of these changes and strategically planning …
Meals and Entertainment Deduction: New Tax Law Reform
Under the tax reform of the Tax Cuts and Jobs Act (TCJA), the rules have changed in regards to the meals and entertainment deduction. In an article for America’s Pharmacist, Scotty Sykes of Sykes & Company, P.A. addresses these changes and how …