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new quarterly TTB tax period

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  • 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
    www.yazoobrew.com

  • #2
    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.

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    • #3
      Thank you for the heads up. Here is a link to the new rule:

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      • #4
        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
        www.yazoobrew.com

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