3 Keys to Top-Line Independent Pharmacy Growth
In order to achieve top-line growth at your independent pharmacy, you have to be forward thinking and proactive. In this video, Ollin Sykes, CPA discusses the importance of offering clinical services to increase profit margins, using technology to improve efficiency and outsourcing …
Four Common Tax Mistakes in Pharmacies
Are your independent pharmacy’s taxes correct? You may be paying more than you should. Watch the video below, covering common mistakes made in the Form 199A, accrual to cash accounting issues, writing off inventory and not deducting items such as insurance expenses. …
HHS Provider Relief Fund Update and Rural Health Grants Eligibility
There is a 60-day grace period beyond September 30, 2021 for prior HHS Provider Relief Fund (PRF) reporting. In addition, there is one application to receive future pandemic relief funding from $25.5 billion in Phase 4 PRF and a Rural Health Grant …
Pharmacy Trends Update
With the urgent need for additional pharmacy services during the pandemic, successful independent pharmacies are realizing the potential value of going beyond scripts and adding new patient services and products. This diversification of revenue can support your pharmacy’s bottom line IF you …
Have You Discovered Sykes University for Pharmacies?
Accountants and advisors who focus on independent pharmacies are very different from bookkeepers. At Sykes & Company, P.A., we offer guidance and resources for all aspects of your pharmacy business, including staff training. Before considering our services, visit Sykes University. We work …
2021 Employee Retention Tax Credit for Independent Pharmacies
Does your independent pharmacy qualify for the 2021 Employee Retention Tax Credit? Watch this video for more information. The tax credit is a continuation of the Consolidated Appropriations Act (CAA), which was signed into law to help businesses struggling under the COVID-19 …
Do These Two Things Before Selling a Pharmacy
If you’re looking to sell your pharmacy, there are two steps to consider before listing the pharmacy for sale. In this video, Ollin Sykes, CPA discusses the importance of having your accounting system in order to ensure accurate financial information. The second …
Meals Expense Update for 2021
Under the Taxpayer Certainty and Disaster Relief Tax Act of 2020, business owners can now deduct 100% of qualifying, business-related meals for tax years 2021 and 2022, but only if those meals are purchased at a restaurant. This special deduction is designed …
2021 Advance Child Tax Credit Payments | Opt Out to Claim Full Credit on Tax Return
Legislation passed by the Biden Administration in March 2021 has authorized the IRS to send advance Child Tax Credit payments to taxpayers who qualify. The federal Child Tax Credit has been increased to $3,600 per dependent child ages 5 and under and …
