Pharmacy Accounting: Three Tips to Manage Payroll Expenses
How do you keep a lid on pharmacy payroll costs when wages are rising to attract and keep talent? Pharmacy advisor Katie Musorofiti, CPA shares three ways that independent pharmacists can manage these costs and improve cash flow. She recently published her …
Scotty Sykes, CPA, CFP® Creates Continuing Education Curriculum for NCPA
For the December 2021 issue of America’s Pharmacist, the premiere publication of the National Community Pharmacists Association (NCPA), Scotty Sykes, CPA, CFP® wrote a whitepaper about the fundamentals of a sound financial and accounting system. Sykes & Company, P.A. is a frequent …
Pharmacies May Fall Under CMS IFR and OSHA Rules for Mandated COVID-19 Vaccinations
The Centers for Medicare and Medicaid Services (CMS) and OSHA have issued new rules for mandated COVID-19 vaccinations, testing and mask wearing for certain employers beginning in December 2021. A whitepaper by Brown & Fortunato, P.A. law firm outlines how these new …
Stock Verses Asset Purchase: Pros and Cons
In this whitepaper, prepared for Sykes & Company, P.A., Jeffery S. Baird, Esq., from the Health Care Group of Brown & Fortunato, P.C., an Amarillo, Texas law firm, discusses the pros and cons of acquiring a pharmacy utilizing a stock purchase verses …
HHS Provider Relief Fund Deadlines and Reporting Requirements
The National Community Pharmacists Association has just published a new resource about the Provider Relief Fund (PRF). This whitepaper, prepared for NCPA by Sykes & Company, P.A. in collaboration with law firm Brown & Fortunato, provides details on updated PRF reporting requirements …
FAQ Regarding SBA Expanded EIDL Program
The U.S. Small Business Administration (SBA) recently announced that it is quadrupling the Economic Injury Disaster Loan (EIDL) cap from $500,000 to $2 million. Answers to many questions pharmacy owners have regarding the EIDL can be found in the new FAQ Regarding …
Tax Credits for Employers Available until September 30, 2021
The American Rescue Plan Act (ARPA) of 2021, signed on March 11, 2021, extends the expiration date of the employment tax credits under the Families First Coronavirus Response Act (FFCRA) until September 30, 2021. Employers are no longer required to provide emergency …
SBA Expands EIDL Program Again, Lending Through 12/31/21
The U.S. Small Business Administration (SBA) announced that it is quadrupling the Economic Injury Disaster Loan (EIDL) cap from $500,000 to $2 million, effective immediately. Additionally, debt payments have been added to the list of ways a business can use loan proceeds. …
Best Practices for Compensating Delivery Drivers and Independent Contractors
Sykes and Company, P.A. recommends delivery drivers be paid as W-2 employees and not as independent contractors. We base this recommendation on three factors per IRS regulations – Behavioral Control, Financial Control and Relationship of the Parties. The Behavioral Control encompasses facts that demonstrate …
Best Practices for Pharmacists’ Compensation
Sykes and Company, P.A. recommends pharmacists be paid a weekly or biweekly salary, not an hourly wage, and they should be exempt from overtime. Pharmacists may be exempt from overtime under the Professional Exemption, as a Learned Professional. To qualify for the …
