The Internal Revenue Service has successfully implemented a provision of the Affordable Care Act involving prescription drug fees imposed on pharmaceutical manufacturers and importers, according to a new report.

The report, from the Treasury Inspector General for Tax Administration, found that the IRS developed a new reporting form (Form 8947, Report of Branded Prescription Drug Information) and instructions. It also developed procedures and a database to process covered entities’ sales data and to accurately calculate the annual fees.

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

Don't have an account? Register for Free Unlimited Access