April 15, 2024
ATF Q&A: A&D Books
If a seller who does not have a TTB tax free registration number in Q1 makes Q1 sales that would have been tax free if they had a TTB TF Number, can the seller claim a credit in Q2 after a TTB registration number is assigned? How would that be presented on the form?
Yes, the Q2 entry would be recorded on the return on page 2, Schedule B–Decreasing Adjustment. Use the drop-down menu and select #2, then carry Schedule B total to line 20 of page 1.
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.
Watch at SHOT University™ Online
NSSF Member Webinars
From transfers to inspections to trace, the new (as of 2023) Form 4473 is a critical document for all firearms retailers. This course is designed to take you step-by-step and line-by-line through the nuances of completing each section of ATF Form 4473. | Presented by Jason Smith, this 3 part course focuses on range safety and health specifically through the lens of the OSHA’s 7 Core Elements and recommendations for workplace safety. |
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