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Federal Excise Tax on Taxable Medical Devices

In March 2010 Congress passed the Affordable Care Act. Included within this act was a Federal Excise Tax on “Taxable Medical Devices”, effective for sales made after December 31, 2012. Generally, the Medical Excise Tax imposes a 2.3% excise tax on sales of certain medical devices by the manufacturer, producer, or importer of the device. Manufacturers, taxpayers within the medical industry, and medical resellers/suppliers will want to ensure that they are either exempt from the excise tax, or accurately complying with all facets of the tax. Discussion also touches upon how to determine the taxable amount, the retail exemption, and the “further manufacture” exemption.
 
Meeting summary: Members of EisnerAmper LLP’s Excise Tax team discuss the recent Medical Excise Tax, including applicability, exemptions, and reporting issues.

This is a narrated presentation

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