As you support your patients and communities during the COVID-19 pandemic, Sykes & Company, P.A. is here to answer your questions and translate changing regulatory and tax matters as they happen at the federal and state levels. Our national practice helps to inform your pharmacy business about industry-wide best practices.
On this page, you will find resources, timely business updates and news specific to the pharmacy industry.
Midyear Elections Notice Offers Employees Flexibility
IRS Notice 2020-29 provides employees more flexibility for midyear elections in health coverage, cafeteria plans, HSAs and health FSAs, and dependent care plans. Read more.
PPP Loan Forgiveness Application Available Now
The SBA and U.S. Treasury unveiled the PPP Loan forgiveness application, which is required for borrowers seeking loan forgiveness. Read more.
Carefully Document Use of PPP Loan Funds
New SBA guidance states that PPP loans of less than $2 million have a safe harbor on certifying economic need for the funds. PPP safe harbor repayment deadline extended to May 18, 2020. Read more.
Update: Tax Deductibility of Expenses under PPP
Currently, expenses paid for through PPP funds are not tax deductible to the extent of loan forgiveness, preventing a double tax benefit. Read more about the current legislation and guidance we are still waiting for. Read more.
Section 139 Allows for Some Payments to be Tax-Free and Tax Deductible
President Donald Trump’s national emergency declaration triggered the disaster provisions of the tax law, including Section 139 which makes some payments tax exempt. Find out more about the payments that fall under this status. Read more.
Employer-Provided Education Assistance Provision under the CARES Act
The CARES Act has an added provision for educational assistance that includes paying student loan debt of up to $5,250 for your employees on a tax free basis to them. Obtain additional guidance on how to utilize this provision. Read more.
PPP Loan Forgiveness for Pharmacies
Ollin Sykes and Scotty Sykes provide early insights on what pharmacies will need to track and report regarding use of PPP funds. Read more.
Financial Relief for Medicare Providers – Accelerated and Advance Payment Program
The CARES Act has a relief program specific to health care providers of Medicare Part A and Part B that independent pharmacies may want to consider. Read more.
Considerations for receiving PPP Loan Forgiveness
Read our blog post about PPP Loan Forgiveness. Read more
Paycheck Protection Program | Forgivable Loan Program
Read our blog post about the federal PPP program. Read more
$30 Billion Allocated to Healthcare Provider Relief Grants
New funding for providers of Medicare Part A and Part B based on 2019 fee-for-service billings will support health care related expenses and lost revenue due to COVID-19. Read more.
Federal Reserve – Main Street Lending Program
Read our blog post about the Main Street Lending Program. Read more.
View videos on managing your independent pharmacy business and patient needs during COVID-19 health and safety protocols.
Good Neighbor Pharmacy Connect Podcast
Scott Sykes, CPA, CFP® participated in a podcast with Good Neighbor Pharmacy on loan and tax provisions within the Coronavirus Aid, Relief and Economic Security Act (CARES Act). Listen to the 30-minute podcast here.
How the CARES Act Can Improve Cash Flow and How to Act On It Webinar
Scott Sykes, CPA, CFP® and Ollin Sykes, CPA.CITP, CMA held a webinar for the NCPA on how the how the CARES Act provides relief for your independent pharmacy. Watch as they breakdown the bill and outline ways you can utilize the resources available to you. View the webinar.
NCPA’s Kurt Proctor has recorded a 20-minute update to the webinar with Ollin Sykes and Scotty Sykes with the important new information on the small business loan program and more. View the update.
Advisory Services Disclaimer
The information contained herein is intended to be used and must be used for information purposes only. It is not intended to be a source of advice for accounting, tax, financial, investment or other purposes or for credit or financial analysis with respect to the material presented. It should not be used as a substitute for professional consulting. Before making any decision or taking any action, you should consult a Sykes & Company, P.A. professional.