Staying Compliant with California's New Firearm and Ammunition Tax for FFL Holders
A new law set to take effect in July 2024 will levy an additional 11% tax on all firearm and ammunition sales in California. This tax comes on top of the existing 10% or 11% federal excise tax already collected based on the type of firearm or ammunition.
As a Federal Firearms License (FFL) holder operating in California, it is crucial to prepare your retail business for calculating, collecting, and reporting this new tax. Failure to integrate the additional state tax into your point of sale system could put your FFL at risk when the law goes into effect.
Now is the time to research your options for a point of sale system upgrade to handle the new California ammunition and firearms tax. Is your provider one that specializes in FFL compliance software and inventory management solutions? Look for a system that can automatically calculate state and federal firearm taxes as an integrated feature. Bravo Point of Sale users can rest easy knowing the new tax will be seamlessly accounted for in transactions after the law goes into effect.
Ideally, your system will seamlessly integrate with your accounting software, generate the required tax reports, and maintain thorough sales and inventory records to keep your FFL compliant. Discuss options with your software vendor to have an upgrade or patch in place well ahead of the July 2024 deadline.
Stay up to date on California gun law news and FFL compliance requirements as new legislation is passed. With the right retail software in place and a understanding of regulatory changes, California FFL holders can adapt to the new sales tax on firearms and ammunition.
Need help navigating the FFL software landscape to find the best solution for your firearms retail business? Bravo's got you covered. Let's talk.
About the Author:
Tally Mack is a fifth-generation pawnbroker and eCommerce enthusiast. She loves traveling, being outside, and working out.
Before taking the reins as CEO, Tally served as Bravo's Vice President of Business Development, leading the company's sales and marketing organization. She's been instrumental in leading and executing many of the company's strategic shifts, including the acquisition of CompuPawn and the launch of UsedGuns.com.
Tally earned her Doctorate of Law (J.D.) from DePaul University College of Law in 2013 after attending the University of Colorado at Boulder, where she earned her B.A. in Communication Studies. She also completed the Key Executives Program from Harvard Business School in 2013.
Tally is a pawnshop lov