On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (Public Law 115-97) (“the Act”), which makes extensive changes to the Internal Revenue Code of 1986 (IRC), including provisions related to alcohol that are administered by TTB. Those changes are effective January 1, 2018.
The helpful link below provides answers to commonly asked questions pertaining to the new tax regulations. For example, if I am a brewery, winery or distillery, am I eligible for reduced tax rates or credits on products that are removed in 2018 or 2019, but that were produced prior to 2018 (the answer is yes)? When can a brewery, winery or distillery take the reduced tax rate or new tax credit on imported beer, wine or distilled spirits (generally speaking, the receiving entity must produce or process to some degree the product in order to receive the tax break).
Please follow the link below to zero in on the FAQs that apply to your business.
If you have further questions feel free to reach out.
Last modified: July 16, 2018