Are You Taking Advantage of the CBMA Tax Benefits?

In the midst of this global crisis, some are finding time to evaluate best practices and reclaim efficiencies within their business models. We have heard from many of our members that with the slower pace, they are reevaluating and finding savings in small sectors of their supply chains – savings that will bring much needed increases to their bottom line. One of these ways is through the CBMA legislation that was passed in the Tax Cuts and Jobs Act at the end of 2017 and extended through the end of 2020. This tax law allows eligible beer, wine and spirits importers to claim a lower tax rate on their 2018, 2019 and now 2020 shipments. While the 2018 window has closed to request these claims, most 2019 and all 2020 shipments are still eligible. If you are not yet claiming the lower tax rate, now is your time to access these potential tax savings!

WSSA has been keeping track of the CBMA bill since its conception, and we have prepared a complete summary of the impact and guidelines for obtaining credits, along with a program to assist our members in the analysis and processing. If you need assistance in this area, we are happy to help!

Additionally, here are some things you can do to set yourself up for success if you have not yet begun claiming your tax credits:

Obtain your assignment letters from your suppliers for the 2019 and 2020 year

Prepare your controlled group spreadsheets and take action on who will prepare the CBMA spreadsheets

Track your gallons per supplier per each shipment/entry to make sure the appropriate rates are applied and you are in compliance

If you are eligible, but do not have your assignment letters yet, make sure your customs entries are “flagged” with the C designator

Remember WSSA is here to help! Call us if you have questions on eligibility, documentation or filing claims. We have successfully processed over a million dollars in CBMA claims. We would be happy to schedule a consultation!

1-800-368-3167 or info@wssa.com