The Internal Revenue Service has issued guidance on the branded prescription drug fee for next year.
The notice also offers guidance on the time and manner for notifying the covered entities of their preliminary fee calculation. In addition, it describes the time and manner for submitting error reports for the dispute resolution process, as well as the time for notifying covered entities of their final fee calculation.
The Affordable Care Act imposes an annual fee on businesses that manufacture or import prescription drugs. Regulations that were published in 2011 provide a method by which each covered business’s annual fee is calculated. Every year, each covered entity submits Form 8947, in which it provides information on National Drug Codes, orphan drugs, designated entities, rebates and other items. Each year the IRS is supposed to make a preliminary fee calculation for each covered entity and notify them of it.
Notice 2013-51 will be published in Internal Revenue Bulletin 2013-34, dated Aug. 19, 2013.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access