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Posted by Michael Corrente on Wed, Aug 28, 2013 @ 09:14 AM

Fee Guidance for Importers or Manufacturers of Prescription DrugsBusinesses that manufacture or import branded prescription drugs should become familiar with the recent IRS Guidance on the Branded Prescription Drug Fee for 2014.

“Covered entities” are required to submit IRS Form 8947, which asks for information on National Drug Codes, orphan drugs, rebates, designated entities, and other related topics. The IRS uses this information, along with sales data, to calculate the appropriate fee for each covered entity, apportioning the “aggregate fee among the covered entities based on each entity’s relative share of branded prescription drug sales taken into account.”

Important Deadlines

  • For the 2014 fee year, Form 8947 must be filed by November 1, 2013.
  • The IRS will notify entities of their preliminary fee calculation in writing by March 3, 2014 for the 2014 fee year.
    ― Entities may obtain electronic detail of sales data received by the IRS by requesting via email or telephone by February 17, 2014.
  • Covered entities have until May 15, 2014 to submit a written error report for the dispute resolution process, if they choose to do so.
  • The IRS will then notify businesses of their final fee calculation by August 29, 2014.
  • Payment of this fee to the IRS is due by September 30, 2014.

If you have any questions about this issue or require assistance, contact us here.

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S  Marketing Photos EMPLOYEE PHOTOS Shareholders & Mg. Directors Corrente   Print ColorMichael Corrente is Managing Director in Charge of the CBIZ Tofias Life Sciences Practice. He can be reached at 401.626.3242 or MCorrente@cbiztofias.com.

 

 

Copyright © 2013 CBIZ & MHM (Mayer Hoffman McCann P.C.). All rights reserved. CBIZ and MHM are separate and independent legal entities that work together to serve clients. CBIZ is a leading provider of tax and consulting services. MHM is an independent CPA firm providing audit and other attest services. This article is protected by U.S. and international copyright laws and treaties. Use of the material contained herein without the express written consent of the firms is prohibited by law. Material contained in this alert is informational and promotional in nature and not intended to be specific financial, tax or consulting advice. Readers are advised to seek professional consultation regarding circumstances affecting their business.

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