Update on Employee Retention Tax Credit (ERTC)
Recently there has been a lot of industry chatter about the Employee Retention Tax Credit (ERTC). In this episode of The Bottom Line Pharmacy Podcast, join Bonnie Bond, CPA, Kendell Harris, CPA and Scotty Sykes, CPA, CFP® as they talk about qualifying …
Section 179 Bonus Depreciation Rules for 2021 Tax Year
If you purchased capital equipment in 2021 and put it to use before year-end, you can take advantage of accelerated depreciation to write off 100 percent of your purchase. In this video, Scotty Sykes, CPA CFP® discusses how accelerated depreciation works and …
Pharmacy Train Wrecks and Turnarounds
In this video, Ollin talks about some of the worst pharmacy accounting problems seen by Sykes & Company — plus what to do if you think you’re in the middle of one. Find out how pharmacies get into trouble and how Sykes …
What Pharmacy Owners Need to Know About Meals & Entertainment
If you use meals and entertainment to further your pharmacy business, there is now a fine line between what is deductible and what is not deductible. In this video, pharmacy CPA Scotty Sykes describes how the Tax Cuts and Jobs Act changed …
Tax Reform: 3 Areas to Watch Closely
The Tax Cuts & Jobs Act (TCJA) will impact most, if not all, pharmacy entities and their owners. However, as of the publishing of this video, we do not know how three key areas of this law will be implemented and, as …
Pharmacy Owner Compensation and Payroll Expenses
How does a pharmacy owner determine his or her own salary? Scotty Sykes shares the planning factors to consider for owner compensation and provides the average salary to use as a baseline. He also discusses the NCPA benchmark for payroll expenses. …
Common Pharmacy Accounting Mistakes Part 2
Independent Pharmacy CPA Scotty Sykes continues to share the most common mistakes that he sees independent pharmacy owners make with regard to their accounting systems. A lot of times, their payroll costs are too high and they’re not using technology to their …
Sykes Videos Help Pharmacy Student
Ollin Sykes’ library of videos helped pharmacy student Zach Burns get a year’s scholarship at his university. In this guest blog, Zach talks about finding Ollin’s videos and how he used them in presenting a business plan for his future pharmacy. …
Spot a Hacked Email or Bad Website
In this video, IT expert Chris Sykes advises that bad emails and websites are the most common attacks (vectors) for hackers to breach business systems. Learn what hackers are looking for and how to spot a bad email — improving your user …
CARES Act Provider Relief Fund & HHS Stimulus – Uses and Management
By now, pharmacies may have received two distributions from the CARES Act provision known as the Medicare Provider Relief Fund, which allocates automatic stimulus grants to providers that billed Medicare Fee-for-Service (MFFS) in 2019 or have provided COVID-19 related services in 2020. …
