Just Answers - Finance

There are only a few days left in the year. So now is the time to take those last minute tax savings.

Disclaimer: I am not

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

a lawyer, nor do I play one on TV. So do your due diligence and either check with your CPA, tax planner, or the IRS site.

I

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

f you are a cash-basis taxpayer, as many sole proprietors are, you claim expenses as they are paid. Likewise, you claim reve

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ue as you deposit it.

So take a quick look at your annual Profit and Loss statement and decide: Do you need more revenue or

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

more expenses?

Now I'm not talking about making more money. I'm referring to when to claim the money.

If you are facing r

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

latively low income for this year, as compared to what you think you will have next year, then you may want to move as much

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

revenue into this tax year as possible. So gather up all those checks lying around and head for the bank. Send out invoices

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

via paypal to vendors who may be willing to pay you this year. Call people who may already have an invoice they could pay. P

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ll as much revenue into this year as possible.

On the other hand, if you've made more money this year than you planned - an

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

d you may have "forgotten" to file estimated income tax, then let's move some expenses into this year. Otherwise, you'll hav

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

to claim more income - and perhaps pay a penalty for the estimated tax you missed.

Stock up on office supplies. From paper

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

to pens to file folders, you can use these items "next year." But you can pay for them this year. And don't forget the cale

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ndars and tax software!

Prepay expenses. If your insurance is due on January 12, go ahead and pay it now. (Remember, this o

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ly applies to cash basis taxpayers!) Look at all of your other payments and pay them now.

Buy equipment that you can expens

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

e. As a Section 179 expense you can expense any piece of equipment up to a total of $108,000! (Be sure you read the IRS docu

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ent on Section 179.)

Buy an SUV. No, I'm not kidding. Any vehicle over 6,000 pounds can have $25,000 of its cost expensed i

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

n Section 179. (You have to purchase and put it into use before the end of the year. If it's not practical this year, rememb

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

er this tip for next year.)

Pay your employees and contractors at the end of the year - even if it's not their regular payd

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

y.

If ever there is a deadline you want to meet, it's the end of the year. There is no putting it off till tomorrow. Taking

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

action can make the difference between paying a penalty or getting a refund. So take the next hour and get your tax savings

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Good corporate governance ensures better performance of a company and promotes healthy climate for investments. Whereas, the good corporate governance is a result of proper practice of accounting standards as the standards lead to the effective disclosure and provide a useful mechanism to restructure the core corporate values. In this context, an attempt has been made in this paper to discuss the practice of proper accounting standards for good corporate governance, as it is one of the important relevant issues of good corporate governance in the present competitive era.

Have you ever made a bad hire and wondered how it happened? The resume looked good, the candidate seemed to interview well - he or she said all the right things - yet after you made the hire you realized you made a big mistake. How could that happen? What went wrong?

A secured loan is that kind of loan which requires collateral against its repayment. Collateral can be anything, it can be your home, car or any other movable or immovable property.

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