Tax reform made big headlines in 2017, but a less publicized bill was signed at the end of 2019 that can provide far reaching benefits for your business. The 2020 Appropriations Bill was signed and with it came extensions for certain tax credits and incentives that are particularly applicable to the food & beverage industry. These extensions can generate tax savings that you can put back into your operations.

The incentives are available for a variety areas including wage credits for employees who live/work in qualified areas, credits for hiring certain categories of employees, providing family and medical leave to your employees and investing in facilities in low income communities.

To take advantage of these incentives and credits for your business and employees, you must take certain actions within a specific period of time. Don’t miss out! Learn more about how these credits and incentives can help your business here. 

Nicholas S. Romanelli, CPA, MST

Principal, Tax CLA (CliftonLarsonAllen LLP)