26 July, 2006

USA: Government seeks $2.1 million tax tab from Pyramid Breweries

The federal government has told Pyramid Breweries that it thinks the Seattle company owes $2.1 million in federal taxes and interest on beer that was brewed as part of a contract with Portland Brewing, according to a company filing with the Securities and Exchange Commission, The Seattle Time posted July 22.

From January 2005 through May 2006, the Portland company paid $1 million in taxes on that beer instead, an amount that Pyramid says it can claim if the money is refunded. That would lower Pyramid's total obligation to $1.1 million.

Pyramid disagrees with the government's findings, which came after an audit by the Federal Alcohol and Tobacco Tax and Trade Bureau. The company is looking for ways to reduce or eliminate the amount of the "proposed assessment."

If the government's decision stands, Pyramid could pay as much as $660,000 more a year in federal taxes on the beer produced by Portland Brewing.

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