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Response to elleng (Reply #4)

Tue Nov 27, 2012, 07:28 AM

44. IRS FAQs -Medical Device Tax

Medical Device Excise Tax: Frequently Asked Questions
The following questions and answers provide general information on the medical device excise tax. For more detailed information see the proposed regulations issued on Feb. 3, 2012.
Q. What is the medical device excise tax?
A. The medical device excise tax is a tax on the sale of certain medical devices by the manufacturer, producer or importer of the device.
Q. When does the tax go into effect?
A. The tax applies to sales of taxable medical devices by the manufacturer or importer after December 31, 2012.

Q. How much is the tax?
A. The tax is 2.3-percent of the price for which the manufacturer or importer sells the taxable medical device.

Q. Who is responsible for reporting and paying the medical device excise tax?
A. The manufacturer or importer of a taxable medical device is responsible for reporting and paying the tax.

Q. Will individual consumers be subject to any reporting or recordkeeping requirements?
A. No action is required by individual consumers.

Q. What form will be used to report the medical device excise tax?
A. The medical device excise tax is a manufacturers excise tax. Manufacturers excise taxes are reported on Form 720, Quarterly Federal Excise Tax Return. See Chapters 11 and 12 of IRS Publication 510, Excise Taxes, for additional information on filing, deposits, and payments.

Q. Iím not familiar with manufacturers excise taxes. Where can I learn more?
A. For more information about manufacturers excise taxes in general, see Chapter 5 of IRS Publication 510, Excise Taxes.

Q. Has the IRS issued guidance on the medical device excise tax?
A. The IRS and the Treasury Department issued proposed regulations on February 3, 2012. The IRS and the Treasury Department welcome comments on the proposed regulations. Comments are due by May 7, 2012. The proposed regulations include instructions on how to submit comments. The IRS and the Treasury Department will take those comments into account before issuing final regulations.

http://www.irs.gov/uac/Medical-Device-Excise-Tax:-Frequently-Asked-Questions

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