Beginning January 1, 2009 a new IRS rule requires pharmacies to have implemented an IIAS (inventory info blessing set-up) complying spike of selling set of laws. To obey near these new regulations, both pharmaceutics in the United States essential instrumentation a POS arrangement that complies beside these new requirements or quit the mental attitude of FSA (flexible spending statement) credit and ledger entry game.
In tallying to the new IRS requirements, the polity has besides not long signed into law the Economic Stimulus Plan (ESP). The peak central stimulus for pharmacies is the extra depreciation that the stratagem offers for superior purchases. This allows a firm to expense a funds purchase 100% in the prototypic year (up to $250,000.00) if it is put into provision during the 2008 calendar period of time. This godsend returns to sane reduction protrusive in 2009 (5 twelvemonth diminution plan). Both religious writing enforced by the IRS will weight pharmacies to purchase/upgrade POS systems in the 2008 time period if they poorness to remain obedient with the new IRS regulations.
1. IIAS - Inventory Information Approval System. Beginning in 2009, the IRS is requiring all pharmacies to have enforced an IIAS respectful POS set of laws if they want to keep acceptive FSA (Flexible Spending Account) debit entry/credit cards. These respect cards are issued to workers of companies who have elective to refuse a relation of their pay in a non-taxable Flexible Spending Account or Health Savings Account (HSA).
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a. To date, most pharmacies and retailers judge these appreciation card game without recognition as they are branded as regular VISA or MasterCard gratitude card game. The IRS is now implementing a relative requirement, parallel to the Food Stamp program, which designates suitable items that can be purchased next to the FSA paper. Non-eligible items will have to be remunerative for near a distinguishable manner of gift. A IIAS deferential POS group essential be competent to protract this acceptance list, have the practicality to put a barrier between the items and act a divergence soft for eligible versus non-eligible items. The regulations will besides be necessary to make audited account reports that gibe to IRS specifications and keep up v age of accounting system history.
b. If a seller or pharmaceutics does not have an IIAS acquiescent POS grouping on January 1, 2009, they will no longer be able to judge FSA debit/credit cards.
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USB A Male to Micro Cable Adapter for Palm cell phonec. Pharmacies will danger losing extant consumers and income to pharmacies who have enforced an IIAS set of laws origin January 1, 2009.
d. Visa has an ingrained commerce solicit votes targeted towards both FSA/HRA cardholder. This marketing program educates cardholders on IIAS requirements and amenable merchants.
2. Economic Stimulus Plan (ESP) of 2008 - The President signed into law the ESP on February 13, 2008. This act returns the 50% Bonus Depreciation for the 2008 period of time and besides increases the Section 179 expense purchases supreme part to $250,000.00. This will let a pharmacy to expense a spine of sale system purchase in the 2008 year and make smaller their tax susceptibility.