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Posted by Michael Corrente on Mon, Oct 15, 2012 @ 09:13 AM

Affected Companies Can Register to Claim an Exemption Using Form 637

Author: Michael Corrente

life science tax alertIn 2013, an excise tax on “taxable medical devices” sold by device manufacturers, producers or importers will go into effect. The tax rate is set at 2.3 percent.

A “taxable medical device” is defined as any device regulated by the Food and Drug Administration (FDA) and intended for use by humans. There are many exclusions, however, including products such as eyeglasses, contact lenses and hearing aids, to name a few examples.

Device manufacturers, producers and importers can register with the IRS using Form 637 in order to comply with the new regulations and claim an exemption.

For any questions about this new tax or any other life science tax-related issues, please contact Michael Corrente at MCorrente@cbiztofias.com or 401.626.3242, or you may contact us here.

Copyright © 2012 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.

CBIZ Tofias (www.cbiztofias.com) is a leading accounting provider with offices nationwide including Boston and Providence. CBIZ Tofias operates in association with MHM (Mayer Hoffman McCann P.C.), an independent CPA firm, that delivers audit and other attest services. CBIZ Tofias and MHM work seamlessly together to service their clients. Together, the companies rank as a top 10 accounting provider in the U.S. (Source: Accounting Today).

Tags: Michael Corrente, life sciences, taxable medical devices, Form 637, excise tax, tax-exempt, IRS

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