Artisan Spirit: Fall 2015

Page 69

WWW.ARTISANSPIRITMAG.COM 69 presumed by the TTB to be missing product, and the tax

portion of the report must match

TOTAL figures on Lines 26 and

an

in Part I, a bulk accounting for liquids, especially when volume is temperature sensitive, will result in a net gain or loss during a given period when products are being

the report on page 1, the amount

entered in Line 2 is broken out in

the categories listed in Part IV on

page 2 of the report, with the total

entered on Line 67 in column (b)

matching the entry in Line 2.

6

reports,

where

the

starting

report are basic account style as

an

INVENTORY SHORTAGE,

products are shown on line 45

finished

Lines 3 through for

Any

Parts I and II of the Processing

unaccounted

volume in the containers/cases.

LOSS

monthly Processing report.

rarely

simplicity,

industrial

and

used or used for

are

For

on Line 44.

based upon marked proof and

on Lines 25 and 46,

END OF MONTH, from the previous

RECORDED

as an event-driven

packages, where the amounts are

accounts

ON HAND

II

allowed and reported

and such may be

in the bonded storage,

for finished goods in bottles or

Part

would

documented casualty

finished spirits that was reported

However,

tanks or smaller bulk containers.

ON HAND FIRST OF MONTH, would

reflect the inventories of bulk and

entered into and removed from

The entries on Lines 1 and 27,

goods

be from a known and

finished

Return filed. A “loss” of

B of the next Excise Tax

balance

summary information in Part I of Typically,

adjustment in Schedule

line 24 and GAINS on Line 7 would

CFR 19.343. In addition to the report.

amount as an increasing

LOSSES on

two parts of the report.

specified in the regulations at 27

the

is expected to be paid on this

the 47 for the lower portion of these

a “dump and batch record” as

30. An inventory shortage is

on Line

spirits “dumped” to processing on

as

on Lines 8 and 31 for the upper

shown

Part I of the report, which represents

of bulk spirits

INVENTORY OVERAGE

is

or unexplained additional product

is

ending inventory. The TOTAL figures

additions,

compared to reductions plus the

plus

into the

inventory,

Processing account on Line 2 of

RECEIVED

This report reflects the quantities

MONTHLY REPORT OF PROCESSING OPERATIONS, TTB F 5110.28

cases, or bulk packages filled, held in bond, and shipped either taxpaid or without payment of tax.

Further, the Processing report provides in Part II and IV an accounting for finished goods in bottles/

entering, leaving and remaining in the Processing account, as reflected in Parts I and IV of the report.

Processing report, which reflects a monthly summary of bulk quantities of distilled spirits products

n the last article, the TTB Storage monthly report was presented. The current topic is the DSP

I

This is the third in a series of articles providing a focused look at the Federal regulatory requirements for filing reports of operations and excise tax returns and payments.

WRITTEN BY JIM MCCOY

MONTHLY REPORT of PROCESSING OPERATIONS TTB FORM 5110.28

DSP Federal Reporting


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