Articles Tagged - FoodBeverage

IRS Serves Up Savings With the 45(B) Tax Credit

By Wiss, Posted in Food & Beverage

By James Jenco If you own a food and beverage establishment, you might be overpaying the IRS in payroll taxes. That could be the case if you’re not taking advantage of IRC 45(B). This rather little-known federal tax deduction could save you hundreds or even thousands of dollars a year, depending on the size of your tip-eligible workforce. Here’s how it works. Taxing Issues As you probably know, it’s your responsibility to pay the employer withholding tax on the FICA and Medicare wages o... read more.

Keep the Brews Flowing Without Affecting Cash Flow

By Wiss, Posted in Food & Beverage

Understanding the NJ Alcohol Tax By Paul Lembo You’ve perfected your batch. You’ve scouted your location. You’ve raised the capital. And now you are ready to venture into the wild, wonderful world of professional brewing. But before you make that first pour, make sure you understand the state tax laws that apply to your sales. In New Jersey, alcohol producers must pay not only state and federal taxes, but also an additional alcoholic beverage tax. These taxes can be significant, so it... read more.

Brewing Up Compliance: How Changes to NJ Laws affect Microbreweries & Brewpubs

By Wiss, Posted in Food & Beverage

By Paul Lembo In recent years, the American alcohol scene has been overtaken by the rise of microbreweries and brewpubs. Entrepreneurs across the country have been taking advantage of the evolving tastes of a beer-drinking population willing to pay a premium for flavorful ports, pilsners, IPAs and other brews. But because of the archaic, limiting laws that were in place until late 2012, the state of New Jersey is behind the craft brew times and is only beginning to catch up to the rest of the country. So... read more.