2020 UPDATE
TTB Newsletter for December 28, 2020 - Special Edition
"On December 27, 2020, the President signed the Taxpayer Certainty and Disaster Tax Act of 2020 (Division EE of the Consolidated Appropriations Act, 2021), which made permanent most CBMA provisions of the Tax Cuts and Jobs Act of 2017.
The temporary CBMA provisions that are now permanent include:
- Adjusted alcohol content for certain still wine tax classes from 14% to 16% alcohol by volume"
At this time there are no changes to InnoVint's TTB 5120.17 form. We will continue to monitor TTB.gov for form updates.
2019 UPDATE
TTB Newsletter for December 23, 2019 - Special Edition
"On December 20, 2019, the President signed into law the Further Consolidated Appropriations Act, 2020, which among other things, extends the Craft Beverage Modernization (CBMA) provisions of the Tax Cuts and Jobs Act of 2017 for one year, through December 31, 2020"
At this time there are no changes to InnoVint's TTB 5120.17 form. We will continue to monitor TTB.gov for form updates.
2017 UPDATE
The Tax Cuts & Jobs Act signed into law by the U.S. administration on December 22, 2017 has a significant impact on IRS code and thus TTB alcohol regulation. These changes are effective as of January 1, 2018. InnoVint has made all the changes necessary to allow you to work with the new tax class categories and generate the new TTB 5120.17 form.
For the 2018 and 2019 calendar years the tax class category changes are:
The TTB released a new 5120.17 form with the updated tax classes. For all 5120.17 reports generated as of 1/1/18, InnoVint will use the new form. For historical reports generated on or before 12/31/17, InnoVint will populate the data on the previous form with the original tax classes.
InnoVint has made the following updates:
- Added two new tax class categories: <16% and 16-21%
- Updated the InnoVint-generated 5120.17 form to reflect the new tax classes
- Automatically transitioned all your lots from the <14% tax class to the <16% tax class as of 1/1/18 for lots that were already declare
We strongly suggest that all winery clients take the following action before submitting your 5120.17 TTB Report of Wine Premises Operations for 2018:
- Review all of your lots in the 14-21% tax class and re-assign them to the <16% tax class or the 16-21% tax class accordingly, backdating this action to 1/1/18.
- Any remaining lots in the <14% tax class (due to creation in January or had a tax class change event after 1/1/18) need to be reassigned to the <16% tax class, backdating this action to 1/1/18. Note: You will need to delete any tax class change events that occurred after 1/1/18 or it will overrride any changes backdated to before that date.
You can do so by referencing your Tax Class Declaration report under the Reporting navigation tab --> Compliance reports --> Tax class declaration. We've highlighted the tax classes for you that need editing.
NOTE: To backdate tax class changes you'll need to do so from each lot's detail page (click the blue pencil next to the tax class) rather than using this report which sets the new tax class as of today's date.
When you generate your 5120.17 report that includes January you will see the volumes populate on the "Change of Tax Class" lines (10 and 24) in accordance with your tax class changes. The 'On Hand Beginning of Period" reflects the on-hand amount as of 12/31/17 in the original tax classes.
