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Found 8 results

  1. I (we) are about 98% done with our 1st DSP application, just one more stumbling block...I think. We are going to fall under the new bond requirements: "ELIMINATION OF BOND REQUIREMENTS FOR SMALL BEVERAGE MANUFACTURERS As of January 1, 2017, if you are the proprietor of a brewery, distilled spirits plant, or winery owing not more than $50,000 in excise taxes in the previous year, and you expect to owe not more than $50,000 in excise taxes in the current year on beer, distilled spirits, or wine, you may no longer be required to hold a bond. Please see our Bond and Filing Changes Home Page for more details." However, in the application I see that this TTB Form 5000.18 Change in Bond (Consent of Surety) form keeps populating as a required form. Do I still need to fill this out? Why do I need to fill this out? And if anyone has been in a similar situation how did it go for you, how long did it take? Thanks in advance, cheers.
  2. Do You Use and Accountant/CPA?

    Wasn't sure exactly where to put this one, but as we're founding our business (we're establishing ourselves as an LLC in NC) we're trying to determine if there is any merit in paying a CPA to do our books. I ask because we plan to do a significant amount of paperwork on a daily/weekly/monthly basis, and so I'm curious about the value a professional could add. I'm not all that confident in my own abilities as an accountant for a small business, but would like to know if anyone uses an accountant, what types of qualities or experience did you find valuable in your accountant? Any information on expected rates for this type of work would be helpful as well. I'll also take any referrals, if there are any to be had. Many thanks for the input.
  3. Another Excise Bill in the House

    Hey Folks, Didn't see it posted, but another excise bill has been brought to the table in the House. I know it is frustrating and you've all done this before, but please contact your Congressmen and Senators. Believe it or not they know each other and talk. The more folks that are aware, the better chance we have. http://thehill.com/regulation/243078-house-bill-would-make-vodka-whiskey-and-rum-cheaper Here is the link that I found. Thanks, Todd
  4. Hey ya'll Just taking over the filing of our distillery's TTB forms, and wanted to know what Line 33 of the TTB Monthly Processing Operations means? Withdrawn Tax Determined has numbers for all our previous months, but I'm not sure where our previous distiller was ascertaining this information. Any help would be appreciated. Below is a copy to the TTB form (F5110.28). http://ttb.gov/forms/5000.shtml -Ted
  5. Liquor bottle records 19.603

    I apologize if this has been covered but I was reviewing daily records and found one that I missed and haven't heard about before. §19.603 Liquor bottle records.A proprietor must maintain records of the receipt, use, and disposition of liquor bottles. (26 U.S.C. 5207) Does this mean that we should be keeping for record daily's on our inventory of empty bottles? Or did I misunderstand that?
  6. Michigan State Taxes

    Apologies for the "repost". I'm wondering if someone can help me better understand the following for Michigan. Let's say the COGS is $10.00. Let's say the Wholesale Price is $15.54. If I understand the math right, the Base Price is $25.64. For bottle sales from the tasting room, I'd owe 12% on the Base Price ($3.08). The Minimum Retail Price is $30.00. So my profit per bottle is $30 - $3.08 - $10.00. Is this correct? If I use a bottle of mine for mixed drinks from the tasting room do I just owe the federal ($2.14) and state taxes ($3.08) on it?
  7. When is excise tax assessed?

    I've tried to find the answer to this by searching the forum and going to the gov't websites but I must have missed it somehow, so I'm just going to ask this even though I sound like an idiot. When are proof gallons calculated for determining the amount you have to pay for excise tax? More specifically, is this calculated before or after aging? It would seem awfully unfair if excise tax were paid on spirit before aging (but then again, the whole excise tax thing is awful anyway).
  8. Get Congress to pass HR 777

    In his state of the union address last week, President Obama laid out his blueprint for creating more jobs: Cut taxes for American manufacturers so they can grow and hire. This morning, we released to our members findings from last year's survey of small spiritsmakers. We asked DSPs how they would invest the $1.71 per 750ml bottle of 80P spirits. The answers, aggregated to the nation's 300+ small DSPs, are: Hire 623 full-time employees and Buy $16 million of equipment If Congress and President Obama were looking for "shovel ready" tax cuts to implement that would not only create American manufacturing jobs, but also support related business -- e.g., U.S. farmers, equipment and packaging makers, as well as members of the trades (electricians, plumbers, mechanics, welders) -- 777 is it! Please help us by.... Personally contacting your representative and senators asking them to co-sponsor HR 777 in the House and introducing a similar bill in the Senate Like and tweet ADI's post on Facebook Send the announcement in the above link to the business editor of your town's newspaper, radio station and TV station If 777 becomes law, the 30 minutes you'll spend doing the above will bring the biggest return-on-investment for your business! Melkon
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