Tom, I just went to the library and read the information on the excise tax. It answers questions for me that most CPA's in my area could not answer. Thanks for the info and I think it would be wise for everyone to get educated on this tax. This tax also pertains to lure builders too. Had a friend who did this out of a shop at his house. Someone turned him in and the IRS swarmed his place, and when it was said and done, within a month he was out of business and owed the IRS big time, since they estimated the back taxes for him. Needless to say within 6 months he filed bankruptcy and is still paying on the back taxes. Even though some of the IRS rules are complicated, and if your like me, I have a hard time understanding them, it would be wise to find an accountant who is versed in the area business that you are in.

Most accountants, and even many IRS agents, have little knowledge or understanding of the Sportfishing Excise Tax. You can trust the information in the article - it is accurate.

..........