December 2015 - January 2016 ::Fiscal Year 2016 Omnibus Appropriations Bill: Tax Filing Requirements
Congress wrapped up their work for 2015 with the passage of the Fiscal Year 2016 Omnibus Appropriations Bill, sending it to the President’s desk for final signature. The bill fully funds the federal government until September 30, 2016. The bi-partisan agreement features several provisions relevant to the American wine industry. Alcohol producers liable for not [...]
The TTB has issued new guidance on excise tax and operations report filing. The TTB will now allow certain wineries to file their excise tax returns annually, rather than semi-monthly or quarterly. The requirements are: The proprietor has not given a bond for deferred payment of wine excise tax, and the proprietor. – Paid wine [...]
Added as an amendment to the above bill, the “Small BREW Act” or the “Small Brewer Reinvestment and Expanding Workforce Act of 2015”, seeks to reduce the small brewer tax rate on the first 60,000 barrels. The Small BREW Act seeks to reduce the small brewer rate on the first 60,000 barrels by 50 percent [...]
Negotiations continue. Democrats and Republicans have focused on identifying specific spending and revenue targets.
The big news coming out of the shutdown is a congressional budget conference committee. It’s been clear that Democrats want increased revenue as part of any final budget deal.