Pass-through Deduction for Qualified Income from the Pharmacy
The last time major tax reform was signed into law I was a one-year old baby in 1986. But sure enough The Tax Cuts and Jobs Act is finally here after all these years and it’s quite a change. One of the …
Classic Video: Key Tax Reform Issues That Impact Pharmacies
Below are a few of the key changes that potentially impact you and your pharmacy following the Tax Cuts and Jobs Act of 2017. A flat tax rate of 21% for C Corporations could be a positive change for the C Corporation …
Update: Tax Deductibility of Expenses under PPP
As we discussed in our email blast on Friday April, 14th, Congress did not specify in the CARES Act whether expenses paid with Paycheck Protection Program (PPP) loan proceeds would be deductible to the extent the PPP loan is forgiven. In other …
CARES Act $30 Billion in Provider Relief
Stepping away briefly from the PPP and EIDL loans that have captured many pharmacy owner’s attention these past several days, the CARES Act includes $30 Billion in relief funds that the Department of Health and Humans Services will release to hospitals and …
Early Insights on the PPP Loan Forgiveness Application
On May 15, 2020, The Small Business Administration (“SBA”) in conjunction with the Department of the Treasury released the Paycheck Protection Program (“PPP”) Loan Forgiveness Application along with detailed instructions. Download the application here. The application is thorough, resembles a tax return …
Safe Harbor Certification For Small PPP Loans, But Document Use Carefully
When applying for the Paycheck Protection Program, every applicant had to certify that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.” No one knew exactly what this meant, therefore, our suggestion was to …
Financial Relief for Medicare Providers – Accelerated and Advance Payment Program
The Centers for Medicare and Medicaid Services (CMS) has expanded its Accelerated and Advance Payment Program for Medicare participating doctors, hospitals, durable medical equipment suppliers and other Medicare Part A and Part B providers and suppliers. The program is designed to increase …
Pharmacy Business Meals & Entertainment
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act. This Act completely reformed many areas of tax law including meals and entertainment rules. These rules will impact just about every pharmacy in the industry, and they …
Coming out of COVID: 5 Objectives for Boosting Rx Business and Cash Clinical Services
Coming out of the sudden, severe lockdowns from the coronavirus disease 2019 (COVID-19), pharmacies are adjusting to a new way of serving patients and providing services. To build some positive momentum, here are 5 ways that current pharmacy owners are adapting their …
