TTB Issues New Rule for Small Brewers
Sep. 30, 2014
The new rule is intended to reduce the regulatory burdens on smaller brewers, reduce their administrative costs, and create administrative efficiencies for the TTB.
Today, the Alcohol and Tobacco Tax and Trade Bureau (TTB) announced that it has issued a final rule, titled “Small Brewers Bond Reduction and Requirement to File Tax Returns, Remit Tax Payments and Submit Reports Quarterly.” This rule is intended to reduce the regulatory burdens on smaller brewers, reduce their administrative costs, and create administrative efficiencies for the TTB.
The rule adopts as a permanent a flat $1,000 penal sum for the brewer’s bond for brewers whose excise tax liability is reasonably expected to be not more than $50,000 in a given calendar year and who were liable for not more than $50,000 in such taxes during the preceding calendar year. It also requires these brewers to file federal excise tax returns, pay tax, and submit reports of operations on a quarterly basis. This had been proposed back in 2012 but was adopted today.
Not sure how/if the new rule will impact your business? Don’t worry, the rule doesn’t go into effect until January 1, 2015, and the hoppy lawyers are just a phone call away to help.
See the full announcement here: http://www.ttb.gov/announcements/ttb-announcement-td-ttb123.pdf