Tuesday, December 11, 2012
IRS Exempts Eyewear and CLs from Excise Tax
advisers McGladrey.com note that "the 2010 Patient Protection and Affordable Care Act contains a 2.3 percent excise tax on the sale of taxable medical devices. While the tax is scheduled to go into effect on January 1, 2013, there remains considerable uncertainty regarding the types of transactions and taxpayers that the tax will apply to....Several products [though] are specifically excluded from the definition of taxable medical device, including eyeglasses, contact lenses and hearing aids," according to a recent IRS ruling. Read more.