Protect Your Pharmacy Data from Hackers
In this video, IT expert Chris Sykes talks about why hackers target small business owners, especially those in the medical industry. Chris shares the types of data that hackers find valuable, and why security awareness training is so important to manage your …
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 …
Structuring COVID-19 Protocols for Pharmacies
In this whitepaper, prepared by Jeffrey S. Baird, Esq., and Bradley W. Howard, Esq. from the Health Care Group of Brown & Fortunato, P.C. law firm, read about controls that an independent pharmacy needs to protect the health and safety of patients …
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 …
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 …
How the Cash Accounting Method Can Optimize Tax Savings
Numerous funding programs issued in 2020 have provided independent pharmacies with the opportunity to optimize cash flow and tax savings. After many pharmacies received Paycheck Protection Program (PPP) relief loans, Small Business Administration (SBA) debt relief and Economic Injury Disaster Loan (EIDL) …
Tax Impacts of Accrual vs. Cash Accounting Methods
Have you considered the potential tax savings for your pharmacy if you changed from the accrual accounting method to the cash accounting method? It is one of the most noteworthy tax reform changes for pharmacies under the Tax Cuts & Jobs Act …
CARES Act and Employer-Provided Education Assistance
The CARES Act added a provision to an existing code section that allows an employee to receive, on a tax-free basis, up to $5,250 each year from his or her employer for expenses associated with a “qualified educational assistance program”. This assistance …
Update to the HHS Provider Relief Fund
Pharmacies should be aware that the application deadline for the Phase 2 General Distribution Funding has been extended yet again to September 13, 2020. The General Distribution Funding was enacted through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the …
Looking Ahead – PPP Loan Forgiveness
The Paycheck Protection Program (PPP) application was relatively easy – send the bank documentation, certify the information is correct and that your pharmacy has been negatively impacted by COVID-19, calculate your “payroll costs”, which was anyone’s guess, and complete the three-page application. …