The U.S. Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau (TTB) announced that for a limited time, “producing wineries” can determine and pay the federal excise tax, on removal from bond, on such wine of their production that is stored “untaxpaid” at a bonded wine cellar or a bonded winery as if the wine had been removed from the producing winery’s bonded premises.
The TTB industry circular (May 2018) modifies and supersedes a prior industry circular (March 2018). Read about the March 2018 industry circular (and an alternative procedure provided in the March 2018 industry circular) in TaxNewsFlash
As noted in the May 2018 release, the new industry circular restates the alternate procedure, but specifically extends the alternative procedure’s provisions to wine that is stored at a bonded winery because the prior industry circular version only referred to wine stored at a bonded wine cellar.
TTB also extended the duration of the alternate procedure through December 31, 2019.
For more information, contact a tax professional with KPMG’s Excise Tax Practice group:
Deborah Gordon | +1 (202) 533 5965 | firstname.lastname@example.org
Taylor Cortright | +1 (202) 533 6188 | email@example.com
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