Medical Device Tax: IRS makes levy a reality with final guidance documents
The 2.3% medical device excise tax takes another step closer to reality with the release of guidance documents by the IRS.
UPDATED at 2:59 p.m., with comment from Rep. Erik Paulsen (R-Minn.)
The U.S. Department of the Treasury today released proposed regulations on who and what will and won't be subject to the 2.3% medical device tax, pushing off some key provisions but mostly rejecting industry attempts to narrow the scope of the tax, which will go into effect in less than 1 month.
Under the new law medical device manufacturers will be required to make semimonthly tax deposits to the IRS in the amount of 2.3% of every sale, unless the manufacturer's net tax liability does not exceed $2,500 for the quarter.