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In January of 2024, the Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information reports with a deadline for businesses to file by December 31st, 2024.

Flash forward to December 4th, 2024, the Federal Court Blocks Corporate Transparency Act Nationwide changing the Beneficial Ownership Information filing requirements for businesses leaving many curious to where it stands currently.

In this bonus episode of The Bottom Line Pharmacy Podcast, we bring back Scott Burnett with Burnett & Associates to give an update on:

• The current status of the Beneficial Ownership Information (BOI) requirements
• Recent preliminary injunction that has temporarily suspended the filing requirements
• Navigating possible changes to come including stays or reinstatements 

Stay connected with Scott Burnett:  

Burnett & Associates Website
Burnett & Associates Facebook
Burnett & Associates Instagram
Burnett & Associates YouTube
Scott Burnett LinkedIn

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More resources on this topic:  

FinCEN BOI

Podcast - Urgent Update on BOI Reporting

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Buying from primary vs. Secondary wholesalers, when is it best for your pharmacy and how does it impact your bottom line?

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP, Bonnie Bond, CPA, and Ollin Sykes, CPA, CITP, CMA sit down with Wade Hinkle, Founder and CEO of Pharmacy Market Place to discuss:

• Optimizing pharmacy operations through technology
• Inefficiencies in traditional pharmacy purchasing methods
• Importance of balancing primary vendor agreements with secondary market opportunities

And more!

More about Wade Hinkle:

Wade Hinkle is the Founder and CEO of Pharmacy Marketplace, an all-in-one purchasing solution that considers primary vendor agreements and key metrics to help you make better real-time purchasing decisions.

Prior to Pharmacy Marketplace, Wade studied at the University of Auburn where he obtained a degree in finance. This degree ultimately led him to become a partner and Owner of Hinkle Pharmacy in Alabama where he later used the insights he learned in owning a pharmacy to Co-found Inventory IQ, a service based business focused on helping independent pharmacies implement perpetual inventory systems.

Stay connected with Wade on social media:

Wade Hinkle LinkedIn

Pharmacy Marketplace Website

Pharmacy Marketplace Facebook

Pharmacy Marketplace LinkedIn

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Sykes & Company P.A.:

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Scotty Sykes – CPA, CFP LinkedIn

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Bonnie Bond – CPA Twitter

More resources on this topic:

Podcast – Improving Cash Flow With Inventory Management

Webinar – Maximizing Your Largest Expense: Inventory

Webinar – Inventory Management: Keep Cash In the Bank, Not on Your Shelf

Webinar – Improving Cash Flow Inventory Management Best Practices

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The 503A and 503B legal landscape is ever changing and staying on top of these changes can be tedious.  

But don’t worry! Sykes is here with the trustee colleagues at Brown & Fortunato.  

On this episode of the Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP® and Bonnie Bond CPA, sit down with Brad Howard, Esq. And Michael Alexander, Esq. From Brown & Fortunato share recent changes to the 503A and 503B regulatory landscape including:

• The Evolving relationship between 503B and 503A pharmacies
• Impact of FDA regulations and state-level inconsistencies
• Possible changes coming in 2025

More about our guest:

Brad Howard:

Bradley W. Howard is a health care attorney with extensive experience representing pharmacies, durable medical equipment providers, hospitals, and many other health care providers with compliance, enforcement, and litigation matters throughout the country. Brad enjoys working with pharmacies and other health care providers on regulatory and contractual compliance matters, payer and PBM audits and appeals, governmental demands and requests, responses to subpoenas and demand letters, and business disputes including litigation. Brad routinely handles health care investigations by the Department of Justice, HHS OIG, various boards of pharmacy, State Attorneys General, the Department of Defense, and other regulators.

Michael Alexander:

Michael represents health care clients in a variety of business and regulatory matters, including regulatory compliance, licensing, due diligence review in the acquisition of health care providers, government investigations, and commercial disputes. Michael’s clients are primarily pharmacies, hospitals, and physician groups, but he also assists many other health care providers. Michael has successfully assisted his clients in resolving government investigations on both the state and federal level involving general compliance issues as well as matters related to fraud, waste, and abuse. He has also represented clients in payor disputes, and worked in conjunction with his clients, co-counsel, and other parties to coordinate the simultaneous acquisition and re-licensure of multiple health care providers.

Learn more about the Brown & Fortunato Team:

Brad Howard LinkedIn
Michael Alexander LinkedIn
Brown & Fortunato Website
Brown & Fortunato Facebook
Brown & Fortunato LinkedIn

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Bonnie Bond – CPA Twitter

More resources on this topic:

Podcast – Developing a Weight Loss Program with GLP1s in Your Pharmacy
Podcast – Driving Independent Ph

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Happy Thanksgiving from Sykes!  

To help you celebrate this holiday, we’re bringing you a special bonus episode of The Bottom Line Pharmacy Podcast! 

In this episode, Scotty Sykes, CPA, CFP and Bonnie Bond, CPA discuss various topics ranging from trade show experiences to Thanksgiving preparations.  

Highlights include:

• Insights from recent pharmacy trade shows
• Updates on pharmacy regulations
• Tax tips for the upcoming year
• And more

Did you like this episode? Stay up to date on new episodes by liking and subscribing! 

Stay Connected With Us On Social Media

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Scotty Sykes – CPA, CFP Twitter 

Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter 

 
More Resources on This Topic:

Schedule an Rx Assessment

Podcast – PBM Audit Masterclass 

Podcast – Master the Margin: Fundamentals of Pharmacy Accounting 

Podcast – Understanding BOI Reporting 

Podcast – Master the Margin: 2025 Tax Cuts and Jobs Act Changes 

Send us a text

Schedule an RX Assessment

Catch up on the latest in pharmacy with our last installment of the 2024 Tradeshow Podcast Series!

In this episode, Scotty Sykes CPA, CFP, Bonnie Bond CPA, Ollin Sykes CPA, CITP, CMA, and Kathy Blanchard, Senior Pharmacy Accountant come to you in person from the 2024 NCPA Annual Convention!

They discuss trends they’re seeing in independent pharmacy, the current state of PBM reform, 2025 tax changes, and more!

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Twitter

LinkedIn

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Scotty Sykes – CPA, CFP Twitter

Bonnie Bond – CPA LinkedIn

Bonnie Bond – CPA Twitter
 

More resources on this topic: 

Check Out the 2023 NCPA Episode

Podcast - Master The Margin

Nicolette Mathey and Understanding Compounding GLPs

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Ready to expand your pharmacy? Make sure you have a solid financial foundation. Schedule an Rx Assessment today

Pharmacy Owners...It’s time to elevate your pharmacy and reimagine clinical care with the power of collaboration.

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP and Bonnie Bond, CPA sit down with Amina Abubakar, PharmD, Founder and CEO of Avant Pharmacy and Wellness Center to discuss:

• Expanding Services Through Collaborative Clinical Care
• Gaining and Building Trust with Local Providers
• Improving Patient Outcomes
• And More!

Did you like this episode? Stay up to date on new episodes by liking and subscribing!

Read and follow along with this episode at the show transcript

(insert transcript link) 

More about our guest:

Amina Abubakar graduated from the Philadelphia College of Pharmacy University of the Sciences in 2005. She is the owner and manager of Avant Pharmacy & Wellness Center formerly known as Rx Clinic Pharmacy in Charlotte, NC, and the founder of the Avant Institute.

She is an internationally recognized award-winning clinical pharmacist, Certified HIV Specialty Pharmacist, a preceptor to UNC Chapel Hill residents and students from several schools of pharmacy. Recently, Amina was bestowed the honor by the National Community Pharmacists Association as 2020’s Independent Pharmacist of the Year and also received the 2020 Bowl of Hygeia from the North Carolina Association of Pharmacists for outstanding service to the community.

She has fostered an environment that showcases the impact of community pharmacists on patient care by collaborating with medical providers and expanding pharmacist-led clinical services in her community. Her desire to help others advance the pharmacy profession inspired her to found the Avant Institute to offer training to pharmacies across the country on the practical application of clinical pharmacy services through developing sustainable physician collaborations.

Currently, she shares her passion for pharmacy advancements with pharmacists, patients and policy makers all over the country through Pharmacogenomics. She was invited to the White House Office of Science and Technology Policy and to the FDA to discuss the role of pharmacists in pharmacogenomics.

Amina Abubakar LinkedIn

Avant Pharmacy and Wellness Website

Avant Pharmacy and Wellness Facebook

Avant Pharmacy and Wellness LinkedIn

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LinkedIn 

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Scotty Sykes – CPA, CFP Twitter 

Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter 
 
More Resources on this Topic:

Blog - 3 Accounting Essentials for 2024

Podcast - The Fundamentals of Independent Pharmacy Accounting

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Is your pharmacy getting paid what it’s supposed to be getting paid? Make reconciliation your superpower! 

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP® and Bonnie Bond, CPA sit down with Vanessa Luu, Supervisor of Reconciliation at EnlivenHealth® to discuss all things reconciliation, including:  

• The importance of having a robust reconciliation process in the pharmacy industry. 
• Common issues pharmacies face, such as delayed payments and administrative errors. 
• The benefits of using reconciliation services and tools to streamline financial management. 
• Tax implications of reconciliation 

Join the discussion with us! 

Did you like this episode? Stay up to date on new episodes by liking and subscribing!  

Click here for the transcript

More about our guest:  

Vanessa’s pharmacy journey began in 2010, blending experience in retail, reconciliation, and sales. Starting as a cashier at Walgreens, Vanessa worked up to management before moving into pharmacy finance at EnlivenHealth®, supporting reconciliation customers directly. Vanessa transitioned to sales, helping pharmacies find the best solutions while strengthening their skills in customer relations and industry insight. Now, as a Supervisor in the Reconciliation Department, Vanessa continues to help customers manage their financial operations with our reconciliation product. 

Want to learn more about Vanessa and EnlivenHealth®? Click below to check them out!  

Vanessa Luu LinkedIn: https://www.linkedin.com/in/vanessa-luu-bb8844229/ 

EnlivenHealth® LinkedIn: https://www.linkedin.com/company/enlivenhealth/ 

EnlivenHealth® Website: https://enlivenhealth.co/ 

EnlivenHealth® Facebook: https://www.facebook.com/EnlivenHealthCo 

EnlivenHealth® Twitter (X): https://x.com/EnlivenHealthCo 

Stay connected with us on social media:  

Facebook 

Twitter 

LinkedIn

Scotty Sykes – CPA, CFP LinkedIn 

Scotty Sykes – CPA, CFP Twitter 

Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter 

More resources about this topic:  

Podcast – This is Why You Don’t Fill and Pray 

Webinar – Cents and Sensibility 

Podcast – Tax Reform Update: 2025 Changes to the Tax Cuts and Jobs Act 

Video – Optimize Your Pharmacy’s Third-Party Reconciliation 

Video – The Most Important Accounts Receivables in a Pharmacy 

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Think you’re ready to buy or sell your pharmacy? You’ll want to tune in to this episode. 

In this episode of The Bottom Line Pharmacy podcast, (tag) Scotty Sykes, CPA, CFP and Bonnie Bond, CPA welcome Alfonso Zambrano, Esq. Partner at (tag) Brown and Fortunato, to discuss:  

• The current state of mergers and acquisitions (M&A) in the pharmacy industry. 
• Insights into the legal aspects of buying and selling pharmacies. 
• Impact of recent industry challenges on M&A activity.
• And much more!

Stay up to date on new episodes by liking and subscribing!  

Click here to learn more about our podcast team and previous episodes.  

Want to read and follow along with this episode? Click here for the transcript:  

(insert transcript link) 

More about our guest:

Alfonso Zambrano is a shareholder and director at Brown & Fortunato with a broad corporate practice emphasizing on mergers and acquisitions, corporate finance, business start-ups, real estate transactions and corporate governance. Alfonso has served as the principal legal advisor on numerous transactions in various industries to help clients achieve their goals and implement their business strategies.

Alfonso represents purchasers and sellers of domestic and multinational businesses in complex public and private mergers, stock and asset acquisitions and divestitures, joint ventures, strategic alliances, venture capital and other private equity investments, financings, recapitalizations and reorganizations. Alfonso has represented clients in a broad range of industries, including energy, technology, and financial services companies with a particular emphasis in the healthcare industry.

Alfonso is a member of the State Bar of Texas, the State Bar of New York, and the Amarillo Area Bar Association. He is also an active board member of the Amarillo Museum of Art, and the Harrington Regional Medical Center. He is currently serving as President of the Amarillo Local Government Corporation. In recognition of his community service, Alfonso received the Amarillo Chamber of Commerce Top 20 under 40 Award in 2019.

 
Stay connected with Alfonso and Brown & Fortunato: 

Alfonso Zambrano LinkedIn 

Brown & Fortunato Website 

Brown & Fortunato Facebook 

Brown & Fortunato LinkedIn 

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Sykes & Company P.A.:  

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CPA’s: 

Scotty Sykes – CPA, CFP LinkedIn 

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Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter 

More resources about this topic:  

Podcast – The Pharmacy Ownership Podcast 

Podcast – What Is Due Diligence 

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Questions about robotics and tax planning? Don’t miss this episode of The Bottom Line Pharmacy Podcast!

Join Scotty Sykes, CPA, CFP and Bonnie Bond, CPA as they sit down with Darin Gleason, National Sales Director for Retail Pharmacies at ScriptPro to discuss:

• Impact of tax changes on pharmacies and bonus depreciation
• Managing costs and improving efficiency in your pharmacy
• Maximizing tax savings by implementing robotics

Stay up to date on new episodes by liking and subscribing!

Read and follow along with this episode at the show transcript:

More about our guest:

Darin Gleason is the National Sales Director for Retail and Chains with ScriptPro. He has 17 years of experience working with independent pharmacies and automation. In his 17 years of work with independent pharmacies, Darin has seen many changes including changes in Medicare Part D reimbursements, COVID, and DIR fees.

ScriptPro is a pharmacy automation system that is built and installed to the custom specs of the pharmacy.

Follow Darin Gleason and ScriptPro:  

Darin Gleason LinkedIn

ScriptPro Website 

ScriptPro Facebook  

ScriptPro Twitter (X) 

ScriptPro LinkedIn 

ScriptPro YouTube  

Check out all of our social media:  

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Sykes & Company, P.A. LinkedIn

Sykes & Company, P.A. Instagram

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter  

Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter
 

More resources about this topic:  

Podcast – The Hidden Cost of Not Automating 

Blog - Improving Profitability and Customer Service Levels Through AI 

Blog – Three Tips to Manage Payroll Expenses 

Blog – 5 Ways to Diversify Services in Your Pharmacy 

Send us a text

In 2017, the first major tax reform in over 30 years passed and it had a tremendous impact on independent pharmacies.

Now, with the 2024 election right around the corner, many of these items could see a change!

In this episode of Master The Margin, we're taking a step back from exploring the Balance Sheet and diving into an urgent update on the Tax Cuts and Jobs Act. 

Scotty Sykes goes over:

• What's in the Tax Cuts and Jobs Act.
• Updates to Tax Items That Affect Independent Pharmacies.
• Election Impacts and Changes You Can Expect in 2025 tax reform.

Did you like this episode? Stay up to date on new episodes by liking and subscribing!

Read and follow along with this episode at the show transcript

Stay connected with us on social media:

Facebook

Twitter (X)

LinkedIn

Instagram

YouTube

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

More resources on this topic:

Need help understanding your tax returns? Think you're paying too much in tax? Schedule an Rx Assessment with us 

Webinar - Tax Cuts and Jobs Act of 2017: Pharmacy Impact and §199A 

Blog – Tax-smart Depreciation on Pharmacy Buildings and Equipment 

Blog – Maximize Pharmacy State and Local Tax Deductions (SALT)