How are increasing and decreasing adjustments shown on the Excise Tax Return?

0
Posted

How are increasing and decreasing adjustments shown on the Excise Tax Return?

0

If, at the end of the calendar year, it is determined that the winery produced more wine than expected, making the credit rate which was used incorrect, all parties that have used the winery’s small producer credit must make increasing tax adjustments. Also, if the producer fails to produce any wine during the year, the taxpayers must make an increasing adjustment during the last period of the calendar year. If too much tax was paid on behalf of the producer, such as if the incorrect rate of credit was used, the transferees and any other taxpayers who used the winery’s credit may file a claim on behalf of the producer. When the claim is approved by TTB, the taxpayers may make a decreasing tax adjustment in the form of a credit, or request a refund.

Related Questions