TTB Announces Signing of Firearms Excise Tax Improvement Act of 2010
The Alcohol and Tobacco Tax and Trade Bureau announced that the Firearms Excise Tax Improvement Act of 2010 was signed into law on August 16, 2010. This law amends the Internal Revenue Code of 1986 so that firearms and ammunition…
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excise tax (FAET) payments that were otherwise required to be made by semimonthly deposit will be due and payable on the date of filing of the quarterly FAET tax returns. TTB is currently developing guidance to implement the changes made by the new law.