On December 22, 2017, in one of the fastest-moving pieces of legislation to come across a President’s desk, President Trump signed into law a bill generally known as the “Tax Cuts and Jobs Act.” The Act will undoubtedly affect most individuals and businesses beginning with the 2018 tax year. Verrill Dana’s Tax Practice has prepared a comprehensive client advisory highlighting many of the major tax reform changes, including the numerous changes to how beer, wine and distilled spirits are taxed. These particular changes related to the beverage industry are only effective for the 2018 and 2019 tax years. (more…)
Posts Tagged: Wine
As purveyors of beverages containing alcohol, most craft brewers, distillers and wineries are aware of the Alcohol and Tobacco Tax And Trade Bureau (“TTB”) rules for labels, and the sometimes onerous task involved in getting those labels approved. To avoid extra expenses and delays, those who are not aware of the TTB requirements need to quickly get up to speed on those rules or engage counsel who can guide you through the process. We cannot overstate the importance of following TTB rules, and making sure every label change conforms with the rules, including new approvals where necessary. The TTB takes the rules very seriously. So seriously that it annually conducts a random compliance investigation and publicly publishes the results of that investigation. (more…)
Late last month, Massachusetts’s Alcoholic Beverages Control Commission issued an advisory entitled “Alcoholic Beverages Control Commission (“ABCC”) Advisory to § 18 Wholesalers/Importers and § 19 Manufacturers Regarding Alcohol-Infused Ice Cream.” The Advisory notes that Massachusetts General Law chapter 138 prohibits the importation, manufacturing, and sale of ice cream that contains alcohol with one limited exception—“where the Alcohol and Tobacco Tax and Trade Bureau (“TTB”) has classified in writing that a particular product is a ‘nonbeverage product.’” The ABCC further noted that the TTB classification was “specific to each individual product a business manufactures, and not a business’s entire line of products.” The advisory is available here.