Officials from the Alcohol and Tobacco Tax & Trade Bureau (“TTB”) will be giving a two-hour seminar on firearms and ammunition excise tax (“FAET”) at the 2020 SHOT Show. The SHOT Show will be held January 21-24, 2020, at the Sands Expo Center in Las Vegas, Nevada.
TTB’s seminar will be geared toward new taxpayers, but information provided will be beneficial to all manufacturers and importers who pay FAET. For readers not familiar with FAET, the tax is imposed on the manufacture/importation and sale of firearms, shells, and cartridges. The tax rate is 10 percent of the sale price for pistols and revolvers, 11 percent for all other firearms, and 11 percent for shells and cartridges. Information on FAET is available on TTB’s website at https://www.ttb.gov/firearms.
The seminar will consist of two presentations, “Walkthrough of the Firearms and Ammunition Excise Tax (FAET) Return” and “What to Expect on a TTB Audit.” Topics covered in these presentations will include the following:
- History/introduction to TTB and FAET
- When does FAET apply?
- What articles are subject to tax?
- Overview of tax-exempt and tax-free sales
- Line-by-line walkthrough of FAET return
- Common FAET return errors
- Overview of the audit process
- Common audit findings
Excise Tax Auditors Robert Fielding and Ryan Coombs, along with Tax Chief Ron King, will give the presentations. They will be assisted by Attorney-Advisor Daniel Peralta and FAET Regulations Specialist Jesse Longbrake. All TTB representatives will be available to answer questions at the seminar and at the TTB booth (#2532) during the SHOT Show.
The FAET seminar will take place on Thursday, January 23, 2020, from 8:00 a.m.-10:00 a.m. It will be held at the Sands Expo Center, Lando 4201 AB.
It has been a number of years since TTB has attended SHOT Show, and this is a great opportunity for manufacturers and importers to get first-hand advice from FAET experts. Taxpayers who cannot attend the seminar should visit TTB’s booth for answers to their FAET questions and visit TTB’s website for a copy of the presentation.
Please contact me with questions about this bulletin at email@example.com or (301)358-3553.