Friday, March 9, 2012

Affordable Care Act - Update on Tax Provisions

While we're waiting for the Supreme Court to decide if it's taking up the Affordable Care Act cases this year, we have this to keep us happy:

IRS Proposes Regulations Regarding Medical Device Excise Tax


Earlier this month, February 3, 2012 to be exact, the IRS proposed regulations and requested public comments by interested persons.  The regulations refer to the new 2.3% excess tax on medical devices.  The tax starts in 2013 and applies to manufacturers and importers.   You can read more about the new tax in IRS' Medical Device Excise Tax FAQs.

Anyone interested in commenting on the proposed regs must submit them by May 7, 2012 by electronic mail, snail mail or they can be hand-delivered to the IRS.  The preamble to the proposed regs gives all the information you need to submit comments.

Have fun!

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