New Inventory Rules Impacting Pharmacies: TD 9942 Update
When the Tax Cuts & Jobs Act of 2017 was signed into law, many pharmacy owners interpreted the new rules to mean taxpayers could write off inventory. Now that Treasury Decision 9942 has gone into effect, pharmacy owners that wrote off inventory need …
Employee Retention Tax Credit for Startup Pharmacies
Still a hot topic, the Employee Retention Tax Credit (ERTC) remains available retroactively for those who qualify. On this episode of The Bottom Line Pharmacy Podcast, the team (Bonnie Bond, CPA, Kendell Harris, CPA and Scotty Sykes, CPA, CFP®) discusses ERTC eligibility …
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 Signed COVID-19 Relief Bill Will Affect Pharmacies
On December 27, 2020 President Trump signed a COVID-19 stimulus bill to provide additional relief to individuals and businesses who have experienced economic hardship due to the pandemic. In this video, Scotty Sykes, CPA highlights the major components of the bill that …
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 …
Section 179 Bonus Depreciation Rules for 2021 Tax Year
If you purchased capital equipment in 2021 and put it to use before year-end, you can take advantage of accelerated depreciation to write off 100 percent of your purchase. In this video, Scotty Sykes, CPA CFP® discusses how accelerated depreciation works and …
Pharmacy Tax Planning Using Major Equipment Purchases
Current tax laws allow independent pharmacies to write off 100% of the cost of new equipment placed in service during the tax year or to accelerate depreciation. In this video, Scotty Sykes, CPA, CFP® provides a brief update on how IRS Section …
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. …
Accrual vs. the Cash Method of Accounting: Inventory Reporting Risks
After the Tax Cuts and Jobs Act (TCJA), pharmacies have the option to use the cash or accrual methods of accounting. However, the IRS has not clarified the rules for properly reporting inventory under these methods. There are tax advantages under the …
Financial Essentials: Year-End Pharmacy Accounting Strategies
Scotty Sykes, CPA joined Tricia McCleskey at PioneerRx to host a webinar, Financial Essentials. In this webinar Scotty and Tricia talk through important steps to take when preparing your pharmacy for 2021 and how fundamental accounting can support where you want your …