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TTB NEWSLETTER | Weekly News

February 2, 2018


IN THIS ISSUE

Greetings! This week's top news includes the availability of new Craft Beverage Modernization and Tax Reform guidance, a TTB field investigation closed as the result of an administrative action, and advice about how to maintain compliance in a TTB-regulated business.

ADDITIONAL CRAFT BEVERAGE MODERNIZATION AND TAX REFORM GUIDANCE NOW AVAILABLE

We recently posted additional guidance on our Craft Beverage Modernization and Tax Reform page at TTB.gov.

We are continuing to assess the impact of the recent changes to the Internal Revenue Code regarding excise taxes on wine, beer, and distilled spirits. We will add updates about TTB forms, regulations, and systems to our Craft Beverage Modernization and Tax Reform page as it becomes available. You can sign up to receive email notification of updates through GovDelivery.

TTB ACCEPTS $425,000 OFFER IN COMPROMISE FROM FIREARMS MANUFACTURER

We have accepted a $425,000 offer in compromise from firearms manufacturer M&M Inc. of Northglenn, CO, for allegedly failing to pay $621, 231.09 in federal excise tax on firearms sold.

MAINTAINING COMPLIANCE IN A TTB-REGULATED INDUSTRY

Your application for a TTB permit has been approved, so now what? As part of maintaining compliance in a TTB-regulated industry there may be requirements you must meet, such as filing reports and paying federal excise taxes.

Use our Stay Compliant pages at TTB.gov to guide you through the requirements for your business type.

Note: Most industry members who produce alcohol or tobacco products are required to file operational reports and excise tax returns either semi-monthly, quarterly, or annually. There a specific due dates for filing these forms and consequences for filing them late. Stay on top of due dates by signing up for email alerts when a due date is approaching.

 

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