E-Alert
August 31, 2010
Firearms Excise Tax Improvement Act of 2010
Signed into law on August 11, the new law changes the excise tax payment schedule for firearms and ammunitions manufacturers to a quarterly schedule, allows the IRS to assess and collect for mandatory orders of restitution for victims of crime, and increases estimated taxes for large corporations (those with assets of not less than $1 billion) for July, August, or September of 2015. For large corporations, the percentage under the 2010 HIRE Act in effect on the enactment date is increased by 0.25 percentage points. Accordingly, the Act increases the corporate estimated tax payment due in July, August, or September of 2015 from 122.75% to 123% (122.75% + 0.25%) of the payment otherwise due.
If you have any questions regarding the information in this article, or have any other issues you would like to discuss, please feel free to contact the DZH Phillips tax department at 415.781.2500 or email cpas@dzhphillips.com.
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