News & Analysis as of September 19, 2024

Income Taxes › Breweries

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Tax Considerations for Your Brewery When Accepting Payment Via Cryptocurrency

Bowditch & Dewey on 4/29/2022

Brewers and other small businesses who accept cryptocurrency as payment for customer goods must be aware of the tax implications of such payments in cryptocurrency. According to IRS Notice 2014-21, cryptocurrency is...more

How Can a Craft Brewer Use the Tax Code to Help with Cash Flow?

Bowditch & Dewey on 6/9/2020

Breweries can turn to the Internal Revenue Code to help with cash flow in these difficult times. Section 165(i) of the Internal Revenue Code allows a taxpayer to deduct any loss occurring in a “disaster area” and attributable...more

North Carolina Legislative Update - May 2019 #3

Brooks Pierce on 5/20/2019

After two busy weeks culminating in the May 9 bill crossover deadline, Legislators returned this week at a steadier pace. Senate Tax Reform (S622) - The Senate began moving its 2019 tax bill and tentatively approved it...more

Lawyers on Tap: Tap Tips for Entity Formation and Taxation

Verrill on 5/8/2018

In this episode of Verrill Voices: Lawyers on Tap, Verrill Dana attorneys Jennifer Green and Jonathan Dunitz discuss the importance of entity formation to the overall success of a brewery business, and the differences between...more

Draft North Carolina Tax Legislation Released

Smith Anderson on 4/18/2018

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

Toasting Tax Reform’s Impact on Brewers, Vintners, Distillers and Distributors

Burr & Forman on 1/8/2018

In addition to the more publicized portions of the recent tax legislation, certain provisions also positively impact your favorite local craft brew, regional small batch wine or even a locally distilled alcoholic beverage....more

Pennsylvania Tax Changes and Tax Amnesty Program

Ballard Spahr LLP on 8/4/2016

As part of the budget package, the Pennsylvania General Assembly made many significant changes to various Pennsylvania tax laws and the unclaimed property law (including a tax amnesty program) that are estimated to generate...more

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