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 …
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 …
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 …
Congress Approves $900B Bill for COVID Relief, Awaiting President’s Signature
NOTE: This article was written prior to President Trump signing the bill. Congress approved a $900 billion bill for additional COVID relief. Below are key takeaways pharmacy owners should be mindful of as they do last minute planning. Paycheck Protection Program (PPP) …
The Bottom Line Pharmacy Podcast – Tax Planning 2022
Purchasing assets is one way to reduce your tax burden. What are depreciable items that move the tax needle for pharmacies? Should you purchase equipment in 2022? What changes to depreciation tax laws are coming in 2023? On this episode of The …
Accrual vs. the Cash Method of Accounting: Expensing Advantages
Under the Tax Cuts and Jobs Act, independent pharmacies are allowed to move from an accrual to the cash method of accounting under certain conditions. In this video, Scotty Sykes, CPA, CFP® of Sykes & Company, P.A. discusses what you need to …
Meals and Entertainment – IRS Guidance Released
The IRS has released guidance on the meals and entertainment section of the tax reform. In this video, Scotty Sykes, CPA of Sykes & Company, P.A., discusses what is still deductible, under what conditions and what is no longer able to be …
