Check fraud can cost a business a significant amount of money. For businesses in the wine industry, losses caused by check fraud could affect the ability to grow grapes, maintain crops, and produce wine. It’s crucial that wineries do all they can to protect their investment.
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The costs involved with starting and owning a winery are substantial. In addition to purchasing land and equipment, it can take years before you are able to sell your first bottle of wine. Proper cash flow management is crucial to success in the wine industry.
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Released in October 2014 by the American Institute of CPAs (AICPA) Accounting and Review Committee, the Statement Standards for Accounting and Review Services No. 21 (SSARS 21) is considered the most substantial change to accounting standards since the 1970s.
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The Tax Cuts and Jobs Act offers numerous tax planning opportunities for businesses in the wine industry. Several changes took place, the following details the most prominent changes and how they can affect wineries and vineyards throughout the United States.
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