In their latest newsletter the TTB has now shared an update I’ve been waiting to see since their earlier announcement in January of this year in which they shared that permit holders who owe less than $50,000 per year in excise taxes will qualify to cancel their wine bond. (See my earlier blog post on that here).
Now today’s TTB newsletter is sharing some more specifics about how qualifying wineries will notify the TTB that they request to cancel their wine bond.
The first step for wineries starts with how their winery TTB basic permit application was originally filed. Was it filed online via Permits Online or for those wineries that have been around longer than since 2011 your application file would have been submitted via hard copy/snail mail.
Whichever scenario fits your business is how you’ll follow up w/the TTB to request to cancel your wine bond.
These bond cancellation filings can be submitted after January 1, 2017.
Wineries will either logon to their existing Permits Online account to file this bond cancellation or will access the coming revised TTB form if you are submitting via mail.
Another follow up item for wineries to also be aware of and plan for with cancelling their wine bond is that for those who had their insurance office set up their wine bond they will need to be contacted to cancel the policy and will likely submit the bond cancellation notice the insurance office will provide. For those wineries that filed their wine bond with a cash payment these details will need to be specified in the cancellation notice submitted to them, including full details for who to make the refund check to and where to send.
One other word to the wise on this latest update. The TTB also specified in this latest newsletter that delays in processing these bond cancellations may result for any wineries whose excise tax and 5120.17 report filings are not fully current.