Articles Tagged - foodandbeverage

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.

How the Food Safety Modernization Act will Affect the Food and Beverage Industry

By Wiss, Posted in Food & Beverage

Each year, approximately 48 million Americans get sick, 128,000 are hospitalized and as many as 3,000 die as the result of foodborne diseases. To better protect consumers, the U.S. Food and Drug Administration (FDA) has brought sweeping reforms to the country’s food safety laws under the Food Safety Modernization Act (FSMA). Signed into law in 2011 and going into full effect in 2016, the FSMA requires American food and beverage producers to be more proactive in preventing foodborne illness and outbre... read more.