TTB Initiates Bond Reduction Proposal for Small Brewers
Story by:
MyBeer Buzz
Good news for small brewers as the TTB has initiated a temporary bod reduction proposal for small brewers. Details form the TTB:
On December 7, 2012, TTB issued a temporary rule (TTB T.D.–109) to amend its regulation that sets forth the penal sum for a brewer’s bond where the excise tax liability of the brewer is reasonably expected to be not more than $50,000 in the current calendar year and the brewer was liable for not more than $50,000 in such taxes in the preceding calendar year. For a period of three years, the penal sum of the required bond will be $1,000 for such brewers who file excise tax returns and remit taxes quarterly.
In a corresponding notice of proposed rulemaking (NPRM; Notice No. 131), TTB proposes to adopt the $1,000 penal sum amount for the brewer’s bond as a permanent regulatory change. The NPRM also proposes amendments to 27 CFR part 25 to require that such brewers file Federal excise tax returns and payments quarterly, as well as submit reports of operations quarterly. In the NPRM, TTB also seeks comments on how TTB could modify 27 CFR part 25 to reduce the burden on brewers, and, at the same time, meet all statutory requirements and protect the revenue.
Full text here.
There are also significant updates to how paper COLA Applications will be handled effective 1 Feb 2013. Details here.
Comments 0
No Readers' Pick yet.