2.5 - Change excise tax reports to quarterly

Text from the Recreational Hunting and Wildlife Conservation Plan, 2008, Page 7

Replace the requirement for biweekly reports of excise tax from sporting arms and ammunition with a quarterly schedule consistent with other estimated tax payments.

Assessment of Status: Complete

The Firearms Excise Tax Improvement Act of 2010 (FAET), enacted into law on June 29, 2010, amends the Internal Revenue Code to require: (1) excise taxes on recreational equipment to be due and payable on the date for filing the return for such taxes (i.e., quarterly); and (2) the Secretary of the Treasury to assess and collect, in the same manner as delinquent taxes are assessed and collected, mandatory orders of restitution for victims of crime. It increases by 0.25% in the third quarter of 2015 the estimated tax payments of corporations with assets of not less than $1 billion.

Supporting documentation and findings

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