Nothing makes me happier in the work that I do than being able to share good news with US wineries. The TTB released an updated version of one of their industry circulars yesterday which will mean good news, of sorts for US wineries. This good news is specific to an unintended bad news result that came into effect Jan 1st with the new tax law. This unintended result has meant that US wineries are ending up being hit with higher TTB excise tax bills, when the original intention of the Craft Beverage Modernization act had been focused on reducing them.
This latest industry circular that the TTB shared yesterday is letting us know that they have extended the deadline for US wineries to take advantage of the “alternate procedure” the TTB created in March of this year. The original deadline was June 30 2018. The new deadline is December 31, 2019.
What does this mean for US wineries? It is potentially good news, of sorts from a “pay later vs pay now” sort of perspective which I explain more about in my next video.