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TTB Guidance on bond exemption


3d0g

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38 minutes ago, RobertS said:

Looks to only really effect very small distilleries and ones that only produce spirits for fortifying wine or beer?

$50K in excise covers over 23K 80 proof bottles a year. Think that would include the majority of startups...

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1 hour ago, RobertS said:

Looks to only really effect very small distilleries and ones that only produce spirits for fortifying wine or beer?

True, under 3750 proof gallons, or 4650 wine gallons at 80 proof, is small. But we are still that small, many are.

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Quote

The PATH Act amendments authorize a new annual excise tax return period. Beginning with the calendar quarter that starts on January 1, 2017, eligible taxpayers who reasonably expect to be liable for not more than $1,000 in taxes imposed with respect to distilled spirits, wine, and beer for the calendar year (and who were liable for not more than $1,000 in such taxes in the preceding calendar year) can pay those taxes annually, rather than quarterly.

Doesn't look like this changes anything between 1k and 50k, if I'm reading right. So anyone under 460 cases per year would only file once instead of four times. Which does cover a lot of smaller startups, true.

Edit: I dropped a zero somewhere and came up with 49 cases when I first calculated it.

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All,

     I just wrote a little ditty about this called "New Bond Regulations Made Understandable", that makes this easier to understand.  Just click on the title below next to the message bubble to read it. 3d0g, it has been a while, sir.  I hope you are well.

 

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