March 18, 2024
ATF Q&A: A&D Books
When filling out FAET returns, why are line 9 and 10 broken out separately if they both result in "no tax due?" Why does it matter that we show tax-free and tax-exempt sales?
Lines 9 and 10 are broken out separately primarily because different supporting documentation is required for each (e.g. a TTB F 5300.28 is required for tax-free). Any entry that is truly tax-exempt/tax-free entered will not effect the calculated results. The fact you know the difference and record the entries correctly sets a “tone” with the compliance auditor that you know what you are doing. US military sales recorded on line 10 rather than line 9 will be written up by the auditor as a compliance violation with no monetary effect.
This question was asked during the NSSF webinar Common Errors on the Firearm Ammunition Excise Tax (FAET) Quarterly Return.
Common Errors on the Firearm Ammunition Excise Tax (FAET) Quarterly Return
Firearm and ammunition manufacturers and importers generally are required to calculate, file and pay quarterly Firearm Ammunition Excise Tax (FAET). The form used is the FEDERAL FIREARMS AND AMMUNITION QUARTERLY EXCISE TAX RETURN (TTB F 5300.26).
This webinar is designed to help guide employees responsible for preparing FAET returns in accurately completing and supporting the calculations necessary to compute the excise tax liability. NSSF Excise Tax Consultant Richard Weimer presents this insightful discussion where he goes through form TTB F 5300.26 line by line pointing out common errors made while showing you how to correct them.
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