Tax Deadline Delayed For Alcohol, Tobacco, Firearms And Ammunition Businesses by the Internal Revenue Service (IRS) and the U.S. Department of the Treasury, businesses affected by Coronavirus. As per the details, tax deadlines for payments & reporting has been postponed for further 90 days period. With this announcement, tax payment due dates for wine, beer, distilled spirits, tobacco products, firearms, and ammunition excise taxes are delayed. For businesses that have been negatively affected by COVID-19 will surely get relief and flexibility as the tax deadline delayed for alcohol, tobacco, firearms and ammunition businesses throughout the United States.
The Secretary at U.S. Department of the Treasury, Mr. Steven T. Mnuchin, issued a statement regarding tax deadline delayed for alcohol, tobacco, firearms and ammunition businesses and said,
Many businesses regulated by the Alcohol and Tobacco Tax and Trade Bureau (TTB) have been adversely impacted by the COVID-19. To assist these businesses during this challenging period, Treasury is postponing several filing and payment due dates for 90 days.
Extended Tax Deadline for Tobacco, Liquor, Firearms and Ammunition Businesses
The IRS along with the Treasury has already extended tax deadline for individuals & business taxpayers from April 15, 2020 to July 15, 2020. Both government authorities are also extending the due dates for estate, gift and generation-skipping tax returns, due to the COVID-19 pandemic. In the same mission, Treasury & IRS delays tax due dates for liquor, tobacco, firearms and ammunition businesses to make tax payments and other tax reporting. U.S. government highly understands that COVID-19 may be impacted the operations of many of TTB’s regulated industry members by various means. Therefore, tax deadline is delayed for alcohol, liquor, cigarette, tobacco, firearms and ammunition businesses.
- Delay in the tax deadline is applied to all tax payment as well as operational report of Alcohol, Tobacco, Firearms and Ammunition businesses in USA.
- Now, the extended tax filing & reporting date for Alcohol, Tobacco, Firearms and Ammunition businesses with an original due date falling on or after March 1, 2020, through July 1, 2020.
- If the tax payments are made within 90 days of the original due date, NO Interest and penalties will be applied.
As the circumstances develop in coming days, the Alcohol and Tobacco Tax and Trade Bureau is planning for re-evaluation of the terms of the immediate relief. If you need any further help regarding your liquor license in USA or tobacco license in USA, you can contact Black Ink representative. We can help you in all aspects of your licensing services., from application, renewal, modification or cancellation of TTB license.