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. In the article, he discussed:

  • The difference between accrual vs. cash methods of accounting
  • How this change affects inventory reporting
  • What you need to do to make this accounting method change

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