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This is a question for you guys with the custom rod business. I have a Employer ID and a license from the State and a copy of form 720. In order to collect FET, do I just calculate the tax and submit the form quarterly? Or do I have to register with the IRS first before I can collect the FET? Form 637? Thanks in advance.

The form 637 is an exemption form that allows you buy untaxed components IF YOU BUY DIRECT FROM THE MANUFACTURER AT THE FIRST POINT OF SALE. It does not mean that dealers will remove the tax for you nor that you don't have to pay it when you sell the component or a custom rod. You are not required to have a 637 exemption in order to build and sell custom rods and to pay the tax. It is meant more for manufacturers or full scale rod building operations.

The tax is paid quarterly. Once you pay it the first time, you'll be automatically registered with the IRS and you'll begin receiving 720 forms preprinted with your business information on them each quarter.

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Thanks Tom for the clarification.