The medical device tax is still alive and well, but the Internal Revenue Service (IRS) provided device manufacturers some good news this week.
According to a new guidance released by the agency on Jan. 17, the IRS will provide “temporary relief” to device manufacturers, producers and importers by not imposing the normal penalty for failing to make “timely deposits” of the 2.3 percent tax. This relief lasts through the first three quarters of 2018.
The guidance emphasizes that this is all “provided that the taxpayer demonstrates a good faith attempt to comply with requirements” and “that the failure was not due to willful neglect.”
The notice is effective immediately. A PDF of the full guidance can be read here.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.