The Taxman Cometh: Are Your Medical Device Sales Subject to the New Excise Tax?

After consulting with the Food and Drug Administration (FDA) and the Centers for Medicare & Medicaid Services (CMS) and taking public comments, the Internal Revenue Service (IRS) has proposed regulations implementing an excise tax on certain “taxable” medical devices. The tax amounts to 2.3 percent of the sales price of “taxable medical devices” sold by manufacturers, importers and producers after December 31, 2012.

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