The major headlines about the monster tax bill that just cleared congress don’t sound like good news for many US residents. US wineries on the other hand do stand to have a happy 2018 as a result of it.
The TTB just posted a brief statement related to it in their latest email newsletter, essentially stating that they’ll be getting back to us with their answers as to when and how the changes to how wineries maintain their records and submit their required reports (5120.17 & excise tax) will take effect.
These are significant changes, which will continued to be covered in more depth in future postings here, and videos on our Youtube channel.
For now here is my final video of 2017 which explains a bit more about the coming changes, mostly related to your TTB excise taxes.
TTB Updates to come in 2018!Insert Responsive Video
Are taxes now going to be posted in metric, as are the contents on labels, bottles, barrels, etc.?
Hello Hal- thanks for your question, though I don’t have an answer for you. My thought though is that TTB reports will continue to be based on gallon amounts.