Pop Posted January 4, 2008 Report Share Posted January 4, 2008 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 Quote Link to comment Share on other sites More sharing options...
Basseducer Posted January 4, 2008 Report Share Posted January 4, 2008 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 Quote Link to comment Share on other sites More sharing options...
Spin Casting Posted January 4, 2008 Report Share Posted January 4, 2008 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 Quote Link to comment Share on other sites More sharing options...
Bountiful Waters Posted January 4, 2008 Report Share Posted January 4, 2008 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. Quote Link to comment Share on other sites More sharing options...
bassnfool Posted January 5, 2008 Report Share Posted January 5, 2008 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. Quote Link to comment Share on other sites More sharing options...
