| This is a reminder that the 90-day postponement period for federal excise tax filings and payments, as well as operational reports and other filings, announced by the Tax and Trade Bureau (TTB) on March 31 has come to a close.
The Department of the Treasury informed the 130 members of Congress who signed a request to extend the deferment period on taxes through the end of calendar year 2020 that it did not plan to take action extending the previous deferment beyond its expiration on July 1, 2020.
In the absence of any official TTB guidance on this issue (which is, however, apparently under development), it is important to file your excise tax returns to avoid a failure to file penalty. Making a payment, even if you are only able to make a partial one, is also strongly encouraged.
Please refer to TTB Industry Circular 2020-2 for complete information, including the two attachments which reference the new due dates for deferred filings.
Additionally in its special edition Newsletter for July 13, the Tax and Trade Bureau (TTB) address the postponed payment and filing deadlines from April that are now coming due. TTB also includes information on financial hardship options that may be available to those unable to pay outstanding tax liabilities. |
