Wine warehouse storage facilities in the US are jumping for joy these days. Why? They no longer (since Jan 1 2018) have to fiddle around with deducting credits off their winery clients TTB excise tax payments. Why? Plain & simple, they cannot. This change is just one of the results of the new tax law put into effect this year. (albeit an unintentional one)
As a result of this “whoopsie” in the tax law the TTB came up with their “Alternate Procedure” to allow US wineries that have amounts of their cased wines in storage at warehouse sites to be able to take advantage of deducting credit off their TTB excise tax payments. This “Alternate Procedure” is available for wineries to follow through on through June 30th of 2018.
The how to process “101” for wineries to follow with their warehouse for their in bond cased wines is the topic of my next video.