TexasT Posted May 22, 2012 Share Posted May 22, 2012 Ok. Ill show my ignorance...best to do it BEFORE owing any taxes....what are you paying taxes on...all ethanol off the still, only whats bottled, based on weight or by the bottle volume? Ive been to some micros that said they only pay on what they bottle, some that had no certified scales, one that didnt pay if test batches produced <1 gallon...its like a free-for-all. Whos got the scoop for me and can steer me from trouble. Link to comment Share on other sites More sharing options...
Scott @ Twenty2Vodka Posted May 22, 2012 Share Posted May 22, 2012 Taxes can be a touchy topic, Have you read 27 CFR 19? It's extensive and over-wordy but is the source anyone will draw from when answering your question in regards to this topic especially... Link to comment Share on other sites More sharing options...
Charles@AEppelTreow Posted May 22, 2012 Share Posted May 22, 2012 Another approach to learn more is to look at the reporting forms. There are only a few allowed untaxed removals, and they are all separate line items on the reports. For each, there's a paragraph or so in 27 CFR 19 (or in the USC) to add some explanation. Link to comment Share on other sites More sharing options...
Beauport Bob Posted May 22, 2012 Share Posted May 22, 2012 Scott & Charles, nicely written. I would also add getting a blank application for a DSP and see where that leads you. TexasT, Where ever you go, it doesn't matter what you see. Most of these operators know better. They do what fits their operation best. After you become familiar with both the CFR and the related forms, and also again with you particular states regs and forms, you will see the connectivity with the theory of "tax expectation" and the actual "tax liabilty". I might be talking about your processing bond and warehouse bonds. Link to comment Share on other sites More sharing options...
John McKee Posted May 22, 2012 Share Posted May 22, 2012 Basically, you should very quickly come to understand that the Feds and the TTB care very little about much in this industry, EXCEPT taxes. Those that are playing a loose and free game with scales or other such matters will eventually get corrected by the TTB inspector for their area. That correction is going to cost them a lot of money. In order to assist you early in the game, spend some time on the Tutorials offered by the TTB on their website. Trust me, they are going to cross your eyes, but ultimately will be very helpful. Storage Reports: http://www.ttb.gov/forms_tutorials/f511011/f511011_tutorial.html Processing Reports: http://www.ttb.gov/forms_tutorials/f511028/f511028_tutorial.html Production Reports: http://www.ttb.gov/forms_tutorials/f511040/f511040_tutorial.html Run yourself through them with this example: Month 1: Starting 100 P.G. of Whiskey produced. 40 P.G. Processed. 20 P.G. Sold. You can share the results here and we can opine on your level of complete-ness. Link to comment Share on other sites More sharing options...
TexasT Posted May 24, 2012 Author Share Posted May 24, 2012 Tha nks guys. Will dig in deeper and do my homework... I appreciate the mentoring. Time short at present due to a little medical issue but will begin tomorrow Link to comment Share on other sites More sharing options...
xst8_231 Posted January 9, 2013 Share Posted January 9, 2013 Well, as this is my first post I had better do a quick introduction. I'm Tim Wallace, I live in Missoula, MT, I currently work as a smokejumper while exploring the opportunity to open a DSP in the future. Okay, came across this thread and thought I would run the numbers John gave and post them for opining and complete-ness checking. Definitely a good way to engage in the rules and regs. Thanks in advance for any feedback. Tim 5110.11 https://docs.google.com/open?id=0B9SCGjn3wkXHZ0wwaVJkY1hMaUE 5110.28 https://docs.google.com/open?id=0B9SCGjn3wkXHbGlCXzNpQmtCcmM 5110.40 https://docs.google.com/open?id=0B9SCGjn3wkXHLW9jZGl6ZkZxUEU Link to comment Share on other sites More sharing options...
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