3 Last Minute Tax Planning Strategies for Independent Pharmacies
Navigating the complexities of tax planning for pharmacies can be tricky. However, after over 40 years of working with independent pharmacies, we’ve seen the good, the bad and the ugly when it comes to tax planning for independent pharmacies. In previous years, …
Sykes & Company, P.A. Names Bonnie Evans Bond and Scotty Sykes as Shareholders
As part of its growth strategy, Sykes & Company, P.A. has named Bonnie Evans Bond, CPA, and Scotty Sykes, CPA, CFP as shareholders. Bonnie joined Sykes & Company, P.A. in 2005 and quickly settled into the firm’s client-focused culture. She works with …
Tax time is coming—here’s what your accountant needs from you
If you want to spend extra time with us around tax seasons, we prefer it to be light-hearted and not burdensome – so we’ve created this handy list to help you remember what your accountants need from you to prepare your business …
Pharmacy Accounting: What You Need to Know
Proper pharmacy accounting comes down to making sure your books are current, have integrity, and operate efficiently. Scotty Sykes, CPA, CFP discusses pharmacy accounting with Drug Topics. Read this article if you want to know more about having a solid pharmacy accounting …
Critical Questions about Tax Reform
The Tax Cuts & Jobs Act (TCJA) will impact most, if not all, pharmacy entities and their owners. However, as of this writing, we do not know how many areas of this law will be implemented and as a result, how they …
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 …
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 …
Section 139 Allows for Some Payments to be Tax-Free and Tax Deductible
After the terrorist attacks on September 11, 2001, Congress added a little-known tax provision to the tax law. This provision exempts certain payments from taxation during a disaster or terrorist attack. President Donald Trump’s national emergency declaration triggered the disaster provisions of …
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 …
