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.
Read more to see if your pharmacy business should amend prior tax returns to take advantage of this opportunity.