Overview of the final medical device excise tax regulations
10 December 2012Medical Device Alert
On 5 December, the IRS issued the final regulations under the medical device excise tax, accompanied by interim guidance in Notice 2012-77 that deals with a number of time-sensitive issues including the determination of the taxable sales price and relief from the penalties associated with deposit with the IRS of the correct tax amount. The IRS also issued a set of frequently asked questions. Copies of the final regulations, the Notice, and the FAQs are attached for reference.