§ 24.275 - Prepayment of tax.

§ 24.275 Prepayment of tax.

(a) General —

(1) Circumstances where prepayment required. The proprietor

shall

must, before removal of wine for consumption or sale, file Excise Tax Return, TTB F 5000.24, with remittance, where:

(

1) Required

i) The proprietor is required to prepay tax under § 24.276; or

,

(

2

ii) The proprietor is required to obtain a tax deferral bond, the bond is not in the maximum penal sum, and the tax determined and unpaid at any one time exceeds the

penal sum of the bond by more than the amount of such tax covered by the wine operations

coverage of the wine bond

; or,

.

(

3) There is no approved tax deferral bond and the total amount of tax unpaid at any one time exceeds the amount of the wine operations coverage of the wine bond designated for wine removed from bonded wine premises on which tax has been determined but not paid. The return with remittance is forwarded

2) Forwarding the return with remittance. The proprietor must forward the return with remittance pursuant to the instructions printed on the return. For the purpose of complying with this section, the term “forwarding” means the deposit in the United States mail properly addressed to TTB.

(b) Electronic fund transfer. When the proprietor is required by § 24.272 to deliver payment of tax by electronic fund transfer, the proprietor shall prepay the tax before any wine can be removed for consumption or sale by:

(1) Completing the Excise Tax Return and by mailing it, as instructed on the form, to TTB and

(2) Directing the proprietor's financial institution to effect an electronic fund transfer.

(August 16, 1954, ch. 736, 68A Stat. 775, as amended, 777, as amended, 391, as amended (26 U.S.C. 6301, 6311, 6302))

(Approved by the Office of Management and Budget under control numbers 1512-0467 and 1512-04921512–0467 and 1512–0492)

[T.D. ATF-299ATF–299, 55 FR 24989, June 19, 1990, as amended by T.D. ATF-338ATF–338, 58 FR 19064, Apr. 12, 1993; T.D. TTB–146, 82 FR 1126, Jan. 4, 2017]