Our friends at the ATA recently shared some great news regarding an announcement from the U.S. Department of Treasury. At the ATA's continued request, Treasury Secretary Mnuchin has approved a COVID-19 relief package specific to federal excise taxes (FET) on sport fishing and archery equipment. IRS form 720 for the quarter April - June is due July 31, 2020. However, due to this ruling, manufacturers will have the option to delay filing until Oct. 31, 2020. This equates to a 90-day tax deferral, which should provide some temporary and welcomed relief for FET-paying members. Check out the video below for more information.

The official notice of this tax deferral along with instructions on how it will be implemented can be found here.

According to ATA staff: “While it would have been nicer to have received the deferral for the Jan-March quarterly filing, we are appreciative of this consideration and the many partners and supporters that helped to make this happen.”