Here we are cruising up to the end of February 2020 already. This means that many US wineries have already begun filing their TTB excise tax reports for 2020 report periods. In a previous post I shared about the Craft Beverage Modernization Act being extended through the end of 2020. There was a significant update to the tax law when that extension was voted into effect by Congress.
That significant update? The “transferability of certain wine tax credits”, as the TTB puts it, will be good news (potentially) to many wineries.
For the last two years, since January 2018 through December 2019 if wineries wanted to take advantage of the tax credit deductions off their TTB excise taxes on bottled wines that they sent to their wine warehouse for storage they had to report those numbers themselves, then file and pay the taxes due.
Now with the edit to the tax law they may once again be able to request their warehouse to file their TTB excise taxes and have them apply the credits for the gallons that qualify.
See my video for the details:
Store your bottled wine offsite at a warehouse? 2020 updates that may impact your TTB excise taxes