TTB Newsletter

In the TTB Newsletter, we compile the top TTB news of the week and other helpful information about the Bureau and the Federal alcohol and tobacco laws and regulations we enforce.

Please send any questions and/or comments to Susan Stewart Evans, Executive Liaison for Industry Matters (susan.stewart-evans@ttb.gov) and/or Frosty Chapman, State Liaison (forrest.chapman@ttb.gov).

TTB Newsletter Archives

FIREARMS EXCISE TAX IMPROVEMENT ACT OF 2010

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 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. We will continue to provide information as it becomes available.

SEC. 2. TIME FOR PAYMENT OF MANUFACTURERS' EXCISE TAX ON RECREATIONAL EQUIPMENT.

(a) In General- Subsection (d) of section 6302 of the Internal Revenue Code of 1986 (relating to mode or time of collection) is amended to read as follows:

'(d) Time for Payment of Manufacturers' Excise Tax on Recreational Equipment- The taxes imposed by subchapter D of chapter 32 of this title (relating to taxes on recreational equipment) shall be due and payable on the date for filing the return for such taxes.'.

(b) Effective Date- The amendment made by subsection (a) shall apply to articles sold by the manufacturer, producer, or importer after the date of the enactment of this Act.

TTB'S MISSION / WHO WE ARE / OUR RESPONSIBILITIES

Our mission is to collect alcohol, tobacco, firearms, and ammunition excise taxes that are rightfully due; to protect the consumer of alcohol beverages through compliance programs that are based upon education and enforcement of the industry to ensure an effectively regulated marketplace; and to assist industry members to understand and comply with Federal tax, product, and marketing requirements associated with the commodities we regulate.

TTB administers the laws and regulations in a manner that protects the consumer and the revenue, and promotes voluntary compliance. Read more.

The Alcohol and Tobacco Tax and Trade Bureau (TTB) is the newest bureau under the Department of the Treasury. We employ some 550 people across the country, including our Headquarters Offices in Washington, D.C., and the National Revenue Center in Cincinnati, Ohio. Our staff are highly educated and technically trained; more than half are analysts, chemists, investigators and auditors. In addition, a large number of employees serve as financial, legal, information management, and computer specialists.

Our main responsibilities are protecting the public and collecting the revenue. We carry out these responsibilities by developing regulations, conducting product analysis, ensuring tax and trade compliance with the Federal Alcohol Administration Act and the Internal Revenue Code. Read more.

NATIONAL CONFERENCE OF STATE LIQUOR ADMINISTRATORS UPCOMING REGIONAL CONFERENCES

The 2010 Central/Western Regional Conference, hosted by Pueblo of Pojoaque Alcoholic Beverage Commission, will be October 10-13th at the Hilton Santa Fe Golf Resort & Spa at Buffalo Thunder in Santa Fe, New Mexico.

The 2010 Northern/Southern Regional Conference, hosted by the Virginia Department of Alcoholic Beverage Control, will be October 24-27 at the Hilton Virginia Beach Oceanfront in Virginia Beach, Virginia.