Field Notes

News and Updates from the New York Wine & Grape Foundation

Tax & Finance

Conducting a Winery Financial & Operational Analysis

Learn how to structure, review, and synthesize your winery data to build for success – without sacrificing compliance. Record keeping can be cumbersome and overwhelming, but it is necessary for compliance and tax purposes. What else can your sales, inventory, and other records tell you about the health and potential success of your winery? Yes, most bookkeeping revolves around a Chart of Accounts and other ‘presentation’ data designed to make

Electronic Filing Now Available for Alcoholic Beverage Tax Return

New York State recently updated the Alcoholic Beverage Tax Return to allow for electronic filing beginning with returns due January 20, 2021. NYS has created the MT-456 which replaces the MT-50 but remains very similar in the required information needed and added fields that can be filled in electronically. Please note- you will first need to save the form to your computer before you begin filling in information, or else the data you input will not save.

New Member Benefit: Finance, Accounting & Tax Resources

To assist our members with critical questions about tax planning, inventory accounting, general accounting, excise tax/TTB issues, sales tax, and more the New York Wine & Grape Foundation is pleased to offer a new benefit for Members, in partnership with Mengel, Metzger, Barr & Co. LLP. Beginning in December 2020, members will have access to financial and tax guidance in webinar form, as well as through individual consulting for their specific needs provided via a 60-minute one-on-one session.

New Tax Law & PPP Loan Updates Under the Consolidated Appropriations Acts

NOTE: This session was rescheduled from January 26th, 2021. This Basic Webinar will provide an update on recent changes in the deductibility of expenses related to PPP Loans. About this Event Recent legislation has changed things since our Year-end Planning and Current Hot Topics webinar in December. For example, the deductibility of expenses related to PPP were not permitted previously but are permitted now which could be significant for some. Join us

Free Finance, Accounting & Tax Tools

With the complexities and new business realities of 2021, professional finance and tax tools for New York’s wineries and growers are needed now more than ever. To assist our members with critical questions on tax planning, inventory accounting, general accounting, excise tax//TTB issues and sales tax, the New York Wine & Grape Foundation is pleased to offer a new benefit for Tier 2 & 3 Winery Members as well as Growers, in partnership with Mengel, Metzger, Barr & Co. LLP.  These members

Year-end Planning and Current Hot Topics

We are happy to be welcoming Anthony Sandonato from Mengel Metzger Barr & Co. LLP back for our annual tax & finance year end webinar. During this session Tony will help clarify any continued confusion that still exists in relation to Paycheck Protection Program (PPP) loans, and loan forgiveness issues. We will also explore year-end tax planning and inventory strategies, and learn some tips for 2021 planning in light of COVID-19’s continued financial impact.

Budget Best Practices in a Struggling Economy

Exploring ways that wineries can identify opportunities to reduce expenses and increase cash flow. In these stressful times businesses are reviewing all expenses and revenue sources to figure out how to stay afloat. Join Liz Miranda, of Miranda Tax & Consulting for this hands on webinar. Liz will help us walk through an example of a winery and vineyard budget to identify opportunities to reduce expenses and increase cash flow. About