TUTORIAL - COMMON COMPLIANCE AND TAX ISSUES FOUND DURING DISTILLED SPIRITS PLANT AUDITS As part of our Common Compliance Issues series, we've compiled common compliance and tax issues we've encountered over the past few years during distilled spirits plant (DSP) audits, so we can assist industry members in understanding and complying with the federal tax, product, and marketing requirements associated with the commodities we regulate. The issues are grouped into four main categories: - Records
- Inventory
- Reporting
- Application, Equipment, and Security
Within these categories, you'll find a list of common audit issues, beginning with the ones we encounter most frequently. You'll also find advice on how to avoid these problems. WHAY YOU SHOULD KNOW ABOUT EFT (ELECTRONIC FUND TRANSFER) What exactly is an EFT? An electronic fund transfer, known as an EFT, is a non-paper, computer-to-computer transfer of funds from your financial institution account to Treasury's account at a Federal Reserve Bank. You initiate this type of funds transfer through an electronic terminal and not by check, money order, or other paper instrument. Did you know...? An EFT is a secure, efficient, and less expensive payment option than paper transactions. The estimated cost of processing an EFT transaction is about 10 times less (and more environmentally friendly!) than a paper transaction. How does this apply to me? At TTB, we accept electronic payments through the Federal Reserve Communications System and through Automated Clearing House (ACH) credit transfers. To find out if you're required to make payments by EFT, and for other general information on making EFT payments to TTB, please read TTB Procedure 2011-1, Payment of Tax by Electronic Fund Transfer (EFT). TTB Newsletter Archives >>> | 
