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What agency collects FAET?

April 26, 2017agency faet

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What agency collects FAET?

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Since its inception in 1919, different Federal agencies have been responsible for overseeing the collection of FAET. From 1919 to 1990, the Internal Revenue Service (IRS) was responsible for collecting FAET. On January 1, 1991 , this function was transferred from the IRS to the Bureau of Alcohol, Tobacco and Firearms (ATF). On November 25, 2002 , President Bush signed into law the Homeland Security Act of 2002. The Homeland Security Act divided the functions of ATF into two new agencies: the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) in the Department of Justice and the Alcohol and Tobacco Tax and Trade Bureau (TTB) in the Department of the Treasury. On January 24, 2003 , TTB became responsible for administering the collection of FAET and handling the regulatory and taxation aspects of the alcohol and tobacco industries. The TTB’s National Revenue Center performs all duties supporting the collection of FAET. ” [Refer to Industry Circular 2003-2] ” and the link should li