New Bond and Filing Criteria for Certain Small Producers Proposed

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The U.S. Department of the Treasury released information explaining revenue proposals in the President’s FY 2016 Budget which includes a proposal exempting any distilled spirits, wines, and beer taxpayer who reasonably expects to be liable for not more than $50,000 per year in alcohol excise taxes (and who was liable for not more than $50,000 in such taxes in the preceding calendar year) from the bond requirement. Additionally, the proposal would allow any distilled spirits, wine, or beer taxpayer with a reasonably expected alcohol excise tax liability of not more than $1,000 per year to file and pay such taxes annually rather than on a quarterly basis.

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