IRS Releases MDET Interim Guidance and Final Rules

Wednesday, December 5th, 2012

 
 
Share
Link

On Wednesday, the Internal Revenue Service (IRS) released final rules for the Medical Device Excise Tax (MDET). Also, the IRS separately released interim guidance for determining the sales price on which the MDET is based.

The MDET is set to take effect on January 1, 2013. It is a 2.3% excise tax that medical device manufacturers and importers must pay on their gross sales. However, sales of eyeglasses, contact lenses, and hearing aids, as well as many medical devices that are sold over-the-counter, are exempt from the tax.

We have previously reported on the MDET as the IRS prepared for its implementation and as the Supreme Court ruled on the constitutionality of the Patient Protection and Affordable Healthcare Act (PPACA) of 2010 earlier this year.


About TTR

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

Service Repairs to Petroleum Storage Tanks Exempt in...

Friday, January 18th, 2019 -Louisiana's Board of Tax Appeals recently ruled that repairs on petroleum storage tanks were not taxable. ...

Nevada Exempts Feminine Hygiene Products in 2019

Wednesday, January 16th, 2019 -Last year, Nevada voters approved via ballot measure changes to the Sales and Use Tax Act of 1955. Voters amen...

Cleaning of Beer-Tap Lines Not Taxable in Ohio

Monday, January 14th, 2019 -The Supreme Court of Ohio recently ruled that cleaning beer-tap lines is not taxable. The taxpayer was...

Louisiana Court of Appeals Finds Marketplace Facilitators...

Friday, January 11th, 2019 -The Louisiana Court of Appeals has recently addressed the sales tax liability of marketplace facilitators. A c...

Iowa Supreme Court Determines Taxable Carpentry Services...

Wednesday, January 9th, 2019 -The Iowa Supreme Court has recently addressed the taxability of various installation services. The taxpayer wa...

Tax Applies to Metallurgical Coke in Illinois

Monday, January 7th, 2019 -Illinois recently ruled that use tax was due on purchases of metallurgical coke. The taxpayer was a business t...