5 min read
Have You Considered These SECURE 2.0 Retirement Saving Provisions?
President Biden signedthe Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) on December 29,...
Crafting The Perfect Plan For Your Brewery
The craft brewing industry continues to grow, and today’s brewers face many unique and difficult challenges: inventory control, research and development, overhead allocation and developing pricing strategies.
The industry requires the owners to have good working relationships with financing sources, to be innovative and receptive to new brewing techniques and to have a thorough grasp of cost accounting principles.
The industry is highly regulated and requires owners to maintain detailed accounting records. Periodic and annual filings are required by federal and state law. In order to be successful, today’s brewery owner must be capable of wearing many hats.
Judy R. Sees, CPA
SSB Brewery Industry Consultant
Kayla A. Emanuelson, CPA
SSB Brewery Industry Consultant
TTB filings, including brewer's report of operations and federal excise tax reporting
Development of pricing structures
Evaluation of production methods
Evaluation of production costs—fixed vs. variable
Inventory management and controls
Expansion considerations
Distribution matters
Coordination of business and personal tax planning
Income and cost recognition methods
Multistate issues—nexus, sales and use tax, franchise, income and other taxes
Structuring of business entities
Specialized deduction and credit opportunities such as research and development credits
Recommendations to improve working capital to help increase financing capacities
Evaluation, development and installation of accounting systems
Budgets and projections
Financial statements according to present industry standards
Business continuation and succession planning
Analysis of potential acquisitions and mergers
Jan 26, 2023
President Biden signedthe Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) on December 29,...
Jan 24, 2023
How inventory is accounted forcan have a significant impact on your tax bill if your business involves the production,...