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 forming an entity using widely available online resources versus doing so with the assistance of an experienced attorney. Drawing on her experience as a seasoned tax attorney, Jen provides invaluable information about the tax implications of various entity formation choices. (more…)
Posts Tagged: Tax
On December 22, 2017, in one of the fastest-moving pieces of legislation to come across a President’s desk, President Trump signed into law a bill generally known as the “Tax Cuts and Jobs Act.” The Act will undoubtedly affect most individuals and businesses beginning with the 2018 tax year. Verrill Dana’s Tax Practice has prepared a comprehensive client advisory highlighting many of the major tax reform changes, including the numerous changes to how beer, wine and distilled spirits are taxed. These particular changes related to the beverage industry are only effective for the 2018 and 2019 tax years. (more…)
We all enjoy tax savings, and breweries and distilleries should be taking advantage of recent legislation that went into effect earlier this year that makes the Research and Development tax credit permanent and enhances the tax credit by not limiting the credit to Alternative Minimum Tax (AMT). Further, the legislation provides a new potential payroll tax credit offset opportunity! You can read more about the credit here or contact a member of Verrill Dana’s Breweries Distilleries and Wineries Practice Group and Tax Practice Group to discuss more.