Author: Cassie Scott
If your business makes or sells taxable archery products, you might have to pay a federal excise tax when you sell that equipment. If so, the FET process can be complicated, even intimidating.
That’s why the Archery Trade Association created its free comprehensive guide to federal excise taxes. The guide helps ATA members understand the FET system and file returns.
U.S. manufacturers pay a 10- to 11-percent FET on the first sale of firearms, ammunition and certain archery equipment. The tax is part of the 1937 Wildlife Restoration Act, more commonly called the Pittman-Robertson Act. Archery equipment was added to the P-R Federal Aid in Wildlife Restoration Act in 1972. Since then, bows, arrows and all equipment attached to a bow to shoot archery are subject to the FET.
To help its members comply with FET regulations, ATA staff worked with the American Sportfishing Association and Deloitte Tax LLP to create the FET guide for ATA members who must pay the FET.
“We’re excited to announce this comprehensive tax guide as an enhancement to the resources we offer our members,” said Wendy Lang, senior manager of membership. “The guide provides a wealth of FET information in one document. It was compiled by a team of talented individuals who share their knowledge to help ATA members.”
To help its members comply with FET regulations, ATA staff worked with the American Sportfishing Association and Deloitte Tax LLP to create the FET guide for ATA members who must pay the FET. Photo Credit: Shane Indrebo.
The guide summarizes IRS rules and regulations, lists step-by-step instructions for paying the FET, and gives examples of how to accurately calculate FET payments. The guide also includes information on which archery products are taxed, who must pay the tax, and how the tax is calculated. ATA members should study the guide to learn FET details to ensure they file their taxes properly, and avoid IRS fines and penalties.
Lang said the guide provides general information for ATA members, and doesn’t replace specific advice provided by accountants or tax attorneys.
ATA members can download the guide for free through the ATA’s Resource Website. To obtain the FET guide, please log in to your MyATA member dashboard and click “Download Free ATA Resources.” Then, click “Federal Excise Tax (FET)” under the drop-down menu at the top. ATA members will also find other important FET information and documents in this section.