Medical Device Tax News, February 2012

IRS, Treasury release guidance on new medical device excise tax

The IRS Office of Chief Counsel and the Department of the Treasury today issued a Notice of Proposed Rulemaking ("NPRM") concerning the new I.R.C. § 4191 excise tax on medical devices. Medical device manufacturers and importers have been awaiting this guidance as they work to update their electronic compliance systems in order to capture the information they will need to meet the January 1, 2013, effective date. Comments are due on or around May 7, 2012. A public hearing is scheduled for May 16, 2012, at 10:00 AM, Eastern Time.

Medical Device Tax News, February 2012