Diagnosis of new tax on medical devices — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Diagnosis of new tax on medical devices

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in Small Business Tax,Small Business Tax Deduction Strategies

The IRS has clarified the rules concerning a new 2.3% excise on certain medical devices. (IRS Notice 2012-77)

Beginning in 2013, the tax is imposed on manu­facturers and importers but doesn’t directly affect individual consumers. The list of devices subject to the new tax ranges from pacemakers to tongue depressors, but eyeglasses, contact lenses, hearing aids and prosthetics are specifically exempted.

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