The Internal Revenue Service needs to improve its strategy to ensure accurate reporting and payment of the Medical Device Excise Tax, according to a new report released by the Treasury Inspector General for Tax Administration.
The Affordable Care Act includes an excise tax equal to 2.3 percent of the sales price for medical devices sold after Jan. 1, 2014. Manufacturers, producers and importers are responsible for collecting the excise tax and must file a Form 720, Quarterly Federal Excise Tax Return.
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