Late last year, the President signed the Taxpayer Certainty and Disaster Tax Act of 2020, which made most of the Craft Beverage Modernization and Tax Reform Act (“CBMTRA”) provisions permanent starting January 1, 2021. The CBMTRA makes extensive changes to the federal excise taxes on wine, distilled spirits, and beer.
Continue Reading Significant Tax Credits for the Alcoholic Beverage Industry
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Agency Extends Relief to Prevent Unintended Tax Burden on Custom-Crush Facilities and Bonded Wine Cellars
By Dustin Swanson & Todd Friedman on
As we wrote about earlier this month, the Tax Cuts and Jobs Act (H.R. 1) passed late last year included significant, temporary federal excise tax relief for wine, beer and spirits businesses for 2018 and 2019. Unfortunately, in an apparent oversight of legislative drafting, the wine excise tax relief (provided in the form of…
Tax Cuts and Jobs Act Includes Tax Relief for Wine, Beer and Spirits Businesses
By Dustin Swanson & Todd Friedman on
Posted in Legislation, Tax
Included in the Tax Cuts and Jobs Act (H.R. 1) passed in late December were “Craft Beverage Modernization and Tax Reform” provisions that, among other things, reduced federal excise taxes for wine, beer and spirits businesses. These reductions expire at the end of 2019 unless extended by future legislation. While these changes may not have…