Elimination of bond?

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Elimination of bond?

Postby Bulletproof » Wed Sep 27, 2017 2:02 pm

Hi I was wondering if I am reading this right. This is from the TTB website. Is anyone familiar with this? Have they gotten rid of the $500k bond?

"IMPORTANT
ELIMINATION OF BOND REQUIREMENTS FOR SMALL BREWERIES/BREWPUBS, DISTILLED SPIRITS PLANTS, AND WINERIES
As of January 1, 2017, if you are the proprietor of a brewery, distilled spirits plant, or winery owing not more than $50,000 in excise taxes in the previous year, and you expect to owe not more than $50,000 in excise taxes in the current year on beer, distilled spirits, or wine, you may no longer be required to hold a bond.
In addition, if you owed not more than $1,000 in excise taxes the previous year and expect to owe not more than $1,000 in the current year, you will be eligible to file your excise taxes annually, rather than semi-monthly or quarterly.
The information in this tutorial may not reflect these changes. TTB will update it as soon as possible. In the meantime, please see our Bond and Filing Changes homepage for more details."

https://www.ttb.gov/applications/index.shtml

I am not too versed in legalese and have been absent for quite sometime because I decided to to do anything unlawful, but if this means there is no giant bond... That might be a game changer..
Thanks for you time everyone.
Bulletproof.
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Re: Elimination of bond?

Postby bluefish_dist » Wed Sep 27, 2017 2:13 pm

Yes, bond is no longer required if you make less than about 4000 gallons per year. You can't just drop your bond, you have to fill out a form on ttb online and once it's approved you can drop your bond.
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Re: Elimination of bond?

Postby Pikey » Wed Sep 27, 2017 2:19 pm

Over here, to even get HMRC to talk to you - you have to have a still capable of 400 gallons ! - But whether that is output or charge, I haven't bothered to find out ! :lol:

Sounds like things are moving in the right direction for yous guys tho' 8)
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Re: Elimination of bond?

Postby Bulletproof » Wed Sep 27, 2017 2:28 pm

Awesome! I take a break from it all, come back and find out the bond is gone. I think I might go get me a drink. Cheers everybody. :-)
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