Sykes & Company, P.A. - Certified Public Accountants

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Sykes & Company, P.A. - Certified Public Accountants For over 40 years, we have been helping independent pharmacies grow and thrive. If you are a pharmacy owner, we understand how your business operates.

We know industry benchmarks and can help you outperform national averages.

10/25/2026

Does being a 503A pharmacy (vs. a 503B outsourcing facility) change your tax picture when selling to hospitals, clinics, or other pharmacies?

It could. But it comes down to how each state classifies the transaction as taxable or not.

Same message, different state: check the rules where you sell.

We explain this in more detail on the most recent episode of Essential: The Pharmacy Compounding Podcast from Alliance for Pharmacy Compounding / Pharmacy Podcast Network: https://www.youtube.com/watch?v=X4YX4xFvvEg

If you're buying or selling an independent pharmacy and an SBA loan is part of the deal, the rules changed on October 1....
10/24/2026

If you're buying or selling an independent pharmacy and an SBA loan is part of the deal, the rules changed on October 1.

The short version: the numbers behind your price now have to hold up under more scrutiny.

In this article, we walk through what's different and what it means for pharmacy transactions: https://www.sykes-cpa.com/blog/

10/24/2026

Compounded Medications vs. Ingredients...what's the tax treatment? Is a compounded medication taxable?

The short answer is, it depends on the state.

I explain this in more detail on the most recent episode of Essential: The Pharmacy Compounding Podcast from Alliance for Pharmacy Compounding / Pharmacy Podcast Network: https://www.youtube.com/watch?v=X4YX4xFvvEg

Some states treat the compounded medication as a non-taxable prescription.

Others exempt the ingredient cost but tax other components.

Every state draws the line in a different place, so you have to know what each state taxes, what it exempts, and whether it looks at the whole prescription or just a piece of it.

This is why multi-state shipping is never a simple compliance task.

Your pharmacy may not need a full-time CFO, but it might still need CFO-level thinking.If any of these sound familiar, i...
10/24/2026

Your pharmacy may not need a full-time CFO, but it might still need CFO-level thinking.

If any of these sound familiar, it could be time to bring in an outsourced CFO:

1️⃣ Your financials arrive late, or you don't trust them
2️⃣ Big decisions are being made on gut feel
3️⃣ Sales are up, but cash is tight

An outsourced CFO is a senior finance partner who works with you part-time.

That can mean forecasts and budgets, cash flow planning, reporting you can act on, and a second set of eyes on big decisions like a hire, a new location, or buying a store.

Seeing yourself in these? A short conversation is a good place to start. Contact us: https://www.sykes-cpa.com/ask-sykes/

10/23/2026

So, how long should you REALLY keep records for state tax audit purposes?

Scotty Sykes, CPA, CFP®️ explain this in more detail on the most recent episode of Essential: The Pharmacy Compounding Podcast from Alliance for Pharmacy Compounding / Pharmacy Podcast: https://www.youtube.com/watch?v=X4YX4xFvvEg

Here's the TL;DR:

I generally recommend keeping at least seven years to be safe.

The normal statute of limitations is three years, but only once you’ve started filing.

If you should have been filing in a state and haven’t, the clock never started, and that state can look back as far as it wants.If that’s you, don’t wait for a notice.

Most states have a voluntary disclosure process: come forward, share your data, and get compliant.

States are usually willing to work with you when you come to them first.

10/23/2026

NEW EPISODE 🎙️: Invoice Audits Exposed: Surviving the Invoice Audit with Trenton Thiede, President at PAAS National

Watch 📺: https://youtu.be/LF9hVaPB_pk?is=B8qcgKBVdJDgna9E

Spotify 🎧: https://open.spotify.com/episode/7FipzvWZdcAnro78NnxwE5?si=fVzaulK1Rxi7Ekeo4soXiA

Apple Podcasts 🎧: https://podcasts.apple.com/us/podcast/the-bottom-line-pharmacy-podcast-sykes-company-p-a/id1641766864?i=1000797605287

Invoice audits produce the largest recoupments of any PBM audit and they’re on the rise.

On this episode of the Bottom Line Pharmacy Podcast, we sit down with Trent Thiede, President of PAAS National to break down:

- What an invoice audit actually is
- The drug procurement traps that trip up owners most
- Why invoice audits routinely lead to the biggest recoupments
And more!

10/23/2026

For many growing compounding pharmacies, expansion means more than adding inventory, hiring employees, or increasing prescription volume. It means investing in real estate and infrastructure.

As compounding pharmacies outgrow their existing facilities, were seeing more owners explore purchasing property and building out their own spaces.

But those opportunities come with some BIG expenses.

Expansion isn't just about whether your pharmacy can support more business. Its about whether your financials can support the investment required to get there.

Greco De Valencia, Senior Loan Officer at Live Oak Bank shares his insights: https://www.youtube.com/show/VLPLbdUM3PBAwLvuE95Acu1EbvpV_PUBqVfo?sbp=KgtKeWNnTV9lWkZWc0AB

10/22/2026

Shipping prescriptions across state lines? You need to make sure you're tax compliant.

I explain this in more detail on the most recent episode of Essential: The Pharmacy Compounding Podcast: https://www.youtube.com/watch?v=X4YX4xFvvEg

Here's the TL;DR on staying tax compliant when shipping across state lines:

Look back at last year and ask:

✅ Which states did we ship to?
✅ How many transactions?
✅ What was the dollar volume?

Once you have that list, sit down with your CPA.

Volume in the $50K-$100K+ range per state should grab your attention, especially in states like Ohio, Oregon, and Washington, where the tax structure works differently.

Some states even offer a nexus questionnaire, so you can tell them what you’re doing and ask what they require. Know your footprint before a state tells you about it.

This week we’re celebrating National Pharmacy Week! 💙 This National Pharmacy Week, we’re celebrating the pharmacists and...
10/21/2026

This week we’re celebrating National Pharmacy Week! 💙

This National Pharmacy Week, we’re celebrating the pharmacists and technicians who make it happen.

We’re honored to be their accounting and advisory partner.

"I found a pharmacy I want to buy, but I don't have the money on hand. Now what?" We hear this question all the time fro...
10/21/2026

"I found a pharmacy I want to buy, but I don't have the money on hand. Now what?"

We hear this question all the time from prospective pharmacy owners.

In this article, we walk through how buyers fund an acquisition. We talk about funding options, how much you need, and who to borrow from: https://www.sykes-cpa.com/blog/

Address

401 E Church Street Ext Fl 3
Edenton, NC
27932

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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