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 claim the deduction but there are some key areas to be aware of.
- Ensure your financial records are in order.
- Find out when it makes sense to amend a return and when it wouldn’t be advantageous.
- Learn what your CPA needs to know about this issue and how to determine their level of understanding.
