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 …
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 …
How the Tax Cuts and Jobs Act of 2017 is Affecting Pharmacy Accounting
Under the Tax Cuts and Jobs Act of 2017 (TCJA), pharmacy owners are seeing many changes that are affecting how they do their accounting and tax planning. Scotty Sykes, CPA recently shared with Drug Topics how the TCJA is affecting pharmacy accounting. …
Recent IRS Tax Reform Guidance Released! What Every Pharmacy Needs to Know
The IRS issued guidance on 199A in August. In this recorded webinar, Ollin Sykes, CPA and Scotty Sykes, CPA of Sykes & Company, P.A. discuss how the recent tax reform and guidance may impact your pharmacy. They explain the issues they have …
Pharmacy Tax Planning for Year-End
Tax planning is a year-long process for independent pharmacies and even more so with the recent tax reform. In this video, Scotty Sykes of Sykes & Company, P.A. shares which pharmacy KPIs are important to monitor throughout the year as they relate …
IRS Section 199 repeal: What it Means for Compounding Pharmacies
The Qualified Business Income Deduction, Section 199A, has eliminated the deduction that compounding pharmacies were able to take. Scotty Sykes, CPA shared with Focus: Compounding that there is still a window of opportunity for independent pharmacies to amend prior year tax returns to …
Pharmacy Tax Planning: 3 Tips to Avoid Surprise Tax Bills
In this video, Bonnie Bond, CPA and Kendell Harris, CPA at Sykes & Company, P.A. discuss surprise tax bills — money you owe that you did not expect. They offer three tips for pharmacy tax planning that help you avoid these surprise …
Good Accounting for Tax Planning Strategies
Good accounting goes beyond daily, weekly and monthly reconciliations and cash flow management. It also supports your pharmacy business decisions and tax planning. In this video, Scotty Sykes, CPA, CFP® provides an overview of how good accounting practices can lead to better …
R&D Tax Credit Opportunities for Pharmacy Compounding Services
If you are a compounder, you may qualify for a credit calculation worth potentially thousands of dollars in tax savings each year, based on the R&D tax credit. This could be worthwhile particularly for pharmacies producing 30 to 50 compounds on average …
Pharmacy Tax Planning: To File or Not to File an Extension
In this video, Kendell Harris, CPA at Sykes & Company, P.A. talks about legitimate reasons to file an extension on your pharmacy tax return…and reasons why you should not file an extension. Even with an extension to file, you may need to …