mcg Posted February 25, 2010 Share Posted February 25, 2010 When are you required to pay the excise tax. As soon as you make the sprit or at time of shipping to wholesaler? Link to comment Share on other sites More sharing options...
kkbodine Posted February 25, 2010 Share Posted February 25, 2010 When are you required to pay the excise tax. As soon as you make the sprit or at time of shipping to wholesaler? On the next tax return that covers when the spirit left the bonded area. We file quarterly. Cheers, Keith Link to comment Share on other sites More sharing options...
Scott @ Twenty2Vodka Posted February 25, 2010 Share Posted February 25, 2010 The tax is owed once the spirit comes into existence. It is not due until it leaves your bonded area. We pay ours every 15 days. -Scott Link to comment Share on other sites More sharing options...
Sub Rosa Spirits Posted February 25, 2010 Share Posted February 25, 2010 When are you required to pay the excise tax. As soon as you make the sprit or at time of shipping to wholesaler? You pay excise tax when the bottled liquor leaves your bonded space. Otherwise it is 'in progress'. Depending on the volume project, you either file every two weeks and pay excise tax on removed spirits or for really low volume distilleries, I've seen the TTB let them do Quarterly reports and payments. Link to comment Share on other sites More sharing options...
kkbodine Posted February 25, 2010 Share Posted February 25, 2010 You pay excise tax when the bottled liquor leaves your bonded space. Otherwise it is 'in progress'. Depending on the volume project, you either file every two weeks and pay excise tax on removed spirits or for really low volume distilleries, I've seen the TTB let them do Quarterly reports and payments. You also must have enough bond coverage for the possible tax liability at any given time. Keith Link to comment Share on other sites More sharing options...
mcg Posted February 25, 2010 Author Share Posted February 25, 2010 You also must have enough bond coverage for the possible tax liability at any given time. Keith Thanks to everybody for the imput Link to comment Share on other sites More sharing options...
Paul Tomaszewski Posted February 25, 2010 Share Posted February 25, 2010 you can either pay once it leaves the bonded premises OR you can include withdrawal coverage on your federal bond and allow for spirits to be removed and you do not have to pay the tax until you file (either quarterly or monthly depending on how much you're making). I would highly recommend withdrawal coverage. Link to comment Share on other sites More sharing options...
Beauport Bob Posted February 26, 2010 Share Posted February 26, 2010 Good. Questions like these are all good qualifiers for attending the ADI Conference or the TTB Expo. The TTB attends the ADI to offer a seminar relative to startups and to be there for all of us. I am glad they are there. (I hope they have someone monitor this site ) Link to comment Share on other sites More sharing options...
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