At this time of year, gym memberships soar, subscriptions to healthy recipe apps fly off the digital shelves, and personal finances are scrutinized to better manage household budgets. All of these are in service to New Year’s Resolutions people make to improve their lives.
The New Year is also an excellent time for members of the alcohol industry to [re]evaluate their compliance with state and federal reporting, tax, permit/license, label and formulation, brand registration, trade practice, and similar requirements. Is your business up to date with all required TTB and the state reports and returns? Have you correctly calculated excise tax rates? Have any organizational changes within your business triggered a reporting requirement to regulators? Have you updated any labels or formulas that need to be approved by TTB and state ABCs? Have you expanded your premises, equipment, or operations? Many of these things require updates with federal and state agencies.
For example, under federal regulations, if your company has a change in proprietorship (where a new person or entity owns and operates the business), that new person or entity must apply for its own permit(s), registration(s), or notice(s) within 30 days of the change in proprietorship to continue to operate under the outgoing proprietor’s permits, and must receive TTB approval before certain (generally production, processing, and bottling) operations continue...
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