As two of the fastest growing industries in America, the craft beer and distillery industries have seen significant advancements in recent years. This beneficial growth also means that changes can happen fast, and such change an potentially have enormous effects on your bottom line. At Warren Averett, our industry professionals know how to navigate these trials and changes while enabling you to overcome challenges, such as shifting consumer demand and industry trends.
Warren Averett understands that the brewery and distillery industry is unique from both financial reporting and income tax perspectives. With more than 20 professionals with expertise in serving the beverage industry, Warren Averett’s experienced team members understand the complex regulatory environment, compliance regulations and other unique challenges brewery and distillery organizations face.
At Warren Averett, our primary goal is to see our clients thrive and accomplish more of what is important to them. It’s this commitment that drives us to provide the best accounting and advisory services possible to clients across the Southeast and beyond. We strive to be truly trusted advisors for our clients—not just their accountants—and we are dedicated to seeing them succeed.
With an extensive knowledge of tax requirements, an appreciation for innovation and entrepreneurship, a perceptive beverage industry acumen and a drive to see our clients succeed, Warren Averett is positioned to add unique value to breweries and distilleries. Our advisors are committed to finding ways to increase efficiency and value in production, internal processes and business planning so that you can reach your goals. We find that many breweries and distilleries benefit from R&D Tax Credits and Cost Segregation Studies.
If you devote resources to innovative activities (such as fermentation and distillation processes or consistency and shelf life) but have never determined your eligibility for the Research & Development Tax Credit, you could be missing out on tax savings. Costs that are eligible for the credit are known as qualifying research expenses, which include salaries, supplies, and contracted research. Eligible breweries and distilleries can use the R&D tax credit in many ways, including to offset alternative minimum tax, payroll tax and income tax.
Cost segregation studies allow breweries and distilleries that have constructed, purchased, expanded or remodeled their buildings or real estate assets to accelerate depreciation deductions and defer federal and state income taxes. Warren Averett can work with your business to identify and separate assets that qualify for accelerated depreciation to realize maximum savings and increase cash flows.
Warren Averett is built upon values that foster innovation, dedication and collaboration. Timeliness, accuracy, communication, expertise and customization of services influence our approach in serving our clients and our communities. The principles that drive our Firm’s growth and client service approach are some of the same values we see in businesses that operate in the beverage industry.
Warren Averett participates in a number of beverage industry events and is an active member in both the Alabama and Florida Brewers Guilds. These organizations connect us with information and expertise about current opportunities and best practices for the industry.
Warren Averett offers tax and audit services, but our advisors also offer significant value outside of those areas. Our professionals are prepared to serve other important facets of your business so that you can thrive. Areas we serve beyond tax and audit include:
We hope that you will see the value of making our CPA firm an extension of your team. For more information about our accounting firm and the accounting and advisory services we offer to the Brewery and Distillery Industries, contact Warren Averett today.