TTB return updated, firearms and ammunition excise tax - KPMG United States
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TTB return is updated, firearms and ammunition excise tax

TTB return updated, firearms and ammunition excise tax

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.

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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:

  • New language added to Schedule A (Increasing Adjustments) and Schedule B (Decreasing Adjustments) to clarify that they are used to claim adjustments for prior quarter activity
  • A “printed” name field added to the signature area of the form
  • Obsolete language is removed
  • Reorganized data fields in Part II – Calculation of Taxes on Sales or Uses During This Tax Period
  • Clarified changes in Part III – Calculation of Tax Liability for This Tax Period.

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:

Deborah Gordon | +1 (202) 533 5965 | dkgordon@kpmg.com

Taylor Cortright | +1 (202) 533 6188 | tcortright@kpmg.com

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