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 …
Why Mature Pharmacies Need Transaction Advisory Services
Who are the advisors that a mature pharmacy should have on hand to support growth? In this video, Ollin Sykes, CPA, discusses the transaction advisors that mature pharmacies should be sure to have on their advisory team, beginning with a pharmacy CPA. …
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 …
Standard Deduction vs. Itemized Deduction
Under the Tax and Cuts Jobs Act (TCJA), the changes to allowed itemized deductions may push many taxpayers below the new standard deduction amount that has been increased. The purpose of the tax reform was to simplify tax preparation and push more …
Section 199A Qualified Business Income Guidance
Early this year, the IRS finalized guidance on Section 199A, which impacts independent and community pharmacies. There are still considerations if your pharmacy revenues are above a certain threshold. In this video, Scotty Sykes shares more information about the Section 199A qualified …
CARES Act Update: HHS Provider Relief
The deadline to apply for the second round of HHS provider relief is September 13, 2020. In this video, Scotty Sykes, CPA, CFP® discusses the eligibility terms and addresses the lack of clarity surrounding this relief and how it applies to independent …
Maximize Pharmacy State and Local Tax Deductions (SALT)
Tax planning advisor to pharmacies, Scotty Sykes, CPA, CFP explains how independent pharmacies are navigating state and local taxation through an IRS-approved strategy that is available in about 40 states. With the Biden Administration’s Build Back Better plan, it remains to be …
ERTC Due Diligence – The Bottom Line Pharmacy Podcast
Have you done your due diligence to ensure that you qualify for the ERTC? On this episode of The Bottom Line Pharmacy Podcast, your hosts Bonnie Bond, CPA, Kendell Harris, CPA and Scotty Sykes, CPA, CFP®) discuss the complexities of the ERTC …