Maximizing Your Largest Expense – Inventory
Owning an independent pharmacy is not easy. Pharmacy owners have misreported inventory by millions of dollars, says Scotty Sykes, CPA, CFP®. Jared Barton of Inventory iQ* tells us how we can rectify the situation by putting the time and effort into the …
Becoming a Pharmacy that Dispenses Healthy Solutions – The Bottom Line Pharmacy Podcast
Are you dispensing prescriptions or healthy solutions? Now more than ever, independent pharmacies must continue to carve out their niche by offering services that add value to their patients. On this episode of The Bottom Line Pharmacy Podcast, the team (Bonnie Bond, …
Startup Pharmacy “The Pharmacy” on How to Be Successful
On The Bottom Line Pharmacy Podcast, our team talks to the owner of The Pharmacy startup in Florence, South Carolina, Jarrod Tippins, PharmD. After only six years, The Pharmacy has seen great success. What are some contributing factors to his startup pharmacy …
New Inventory Rules Impacting Pharmacies: TD 9942 Update
When the Tax Cuts & Jobs Act of 2017 was signed into law, many pharmacy owners interpreted the new rules to mean taxpayers could write off inventory. Now that Treasury Decision 9942 has gone into effect, pharmacy owners that wrote off inventory need …
Employee Retention Tax Credit for Startup Pharmacies
Still a hot topic, the Employee Retention Tax Credit (ERTC) remains available retroactively for those who qualify. On this episode of The Bottom Line Pharmacy Podcast, the team (Bonnie Bond, CPA, Kendell Harris, CPA and Scotty Sykes, CPA, CFP®) discusses ERTC eligibility …
2020 Employee Retention Tax Credit for Pharmacies
The Consolidated Appropriations Act (CAA), signed into law at the end of 2020, expanded the Employee Retention Tax Credit, which helps businesses struggling economically due to COVID-19 to keep employees on the payroll. Not all pharmacies will qualify, but this video by …
COVID-19 Pharmacy Update: Attracting New Patients
As independent pharmacies offer COVID-19 vaccinations, opportunities to attract and retain new patients increase. Ollin Sykes, CPA predicts that independent pharmacies will see a larger supply of vaccinations into the second quarter of the year, which will provide more growth opportunities for …
Big Box Purchase Offers: Considerations Before You Buy
Purchase offers received from big box retailers can look very appealing. Before signing, pharmacy owners need to consider important factors, such as inventory, prescription files and goodwill. Ollin Sykes highlights these key factors and discusses how to decipher if a purchase offer …
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 …
Inventory Update: Inventory Accounting Under TCJA
The IRS has issued proposed guidance on how independent pharmacies should handle inventory accounting under the Tax Cuts and Jobs Act (TCJA). In this video, Scotty Sykes, CPA, CFP® discusses your options for inventory accounting and some of the considerations you need …