The U.S. Treasury Department’s Alcohol and Tobacco Trade Tax Bureau (TTB) announced there is an updated version of the return used to report firearms and ammunition excise tax.
As noted in a TTB release, the new version of the Federal Firearms and Ammunition Quarterly Excise Tax Return (TTB F 5300.26) clarifies certain data fields and form instructions to help taxpayers file accurate returns and to allow TTB to better verify a taxpayer’s liability without the need to request additional information. The TTB release notes that among the changes, there is:
Taxpayers subject to the excise tax are directed to use the new form the first quarterly tax period of 2019 (January 1 through March 31) for returns due April 30, 2019.
For more information, contact a tax professional with KPMG’s Excise Tax Practice group:
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