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Thread: new quarterly TTB tax period

  1. #1
    Join Date
    Mar 2003
    Location
    Nashville
    Posts
    673

    new quarterly TTB tax period

    In your opinion, is it worth putting off paying your federal excise taxes from every two weeks to every three months? The business side of me says it's always better to defer payments, but I wonder if the headache of preparing a report for three months will make up for it. What are you guys planning to do? We still have to file our state tax report once a month so I may just prepare a report every month, but only pay the taxes quarterly.
    Linus Hall
    Yazoo Brewing
    Nashville, TN
    [url]www.yazoobrew.com[/url]

  2. #2
    Join Date
    Oct 2003
    Location
    Santa Rosa CA USA
    Posts
    962
    I love the idea of having 21 fewer deadlines with penalties per year! Count me enthusiastic! Love to brew, hate to push pencil and checkbook.

  3. #3
    Join Date
    May 2005
    Location
    Napa, CA, USA
    Posts
    7
    Thank you for the heads up. Here is a link to the new rule:

    http://a257.g.akamaitech.net/7/257/2...pdf/06-981.pdf

  4. #4
    Join Date
    Mar 2003
    Location
    Nashville
    Posts
    673
    I found out that to switch to quarterly tax filings, your ATF brewers bond must be upgraded to match the quarterly liability. Ours was a $1000, the minimum, and I had to think for a while before I remembered that we simply sent a check in for that amount instead of trying to get a bond. For smaller brewers, that may be more trouble than it's worth. I'm going to wait until we have to redo our state bond, which was a ripe $20k.
    Linus Hall
    Yazoo Brewing
    Nashville, TN
    [url]www.yazoobrew.com[/url]

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