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There was some material I wanted to purchase today at bulk pricing but they wouldn't sell to me without a number 637 form. I assume that is the Federal ID number. Can anyone tell me how to obtain this number and am I looking for problems like forms to fill out quarterly etc. I don't sell my baits but do share with my friends. Do I really want to do this? Any help would be appreciated. Thanks, Pop

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Pop,

This is to purchase without taxes, however you have to collect taxes and forward them to the appropriate agency. This is mostly beneficial to bisiness owners. Otherwise you have to pay the tax on the product you use.

TJ

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Pop,

A 637 Form is for Federal Excise Tax.

You can go to www.irs.gov and request form 637

There are a number of post here in the Docks with the title of, Federal Excise Tax on Fishing Tackle.

If I can be of any help please feel free to contact me.

Chuck Vanover

Tight Line Anglers Products

Ph. 440-277-1511

Fax 440-277-9152

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637 is your registration form, 720 is the form to submit your taxes if that helps. You don't have to register from my understanding, but you better still pay the excise tax due on what you sell. I just sent my qtrly payment in. 637 is to your benefit. I may be corrected by those more in tune than I to this.

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The 637 is proof to the seller that you are going to use the items in question as part of an item for further resale and that you will pay the 10% excise tax so they don't have to. That keeps you from paying a double tax. However, if you register a form 637 you had better file a quarterly 720 or the Feds will be coming.

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