On April 30, all eligible medical device manufacturers or importers must pay medical device excise taxes for the first three months of 2013.
Is your firm or product line eligible?
Do you qualify for exemptions?
There are several possible exemptions and tests to avoid or minimize the tax. They include:
Then there’s the pesky issue of how to calculate the sales price to determine the taxes due. IRS Notice 2012-77 notes 5 different scenarios for calculating sales price. Which one applies to you?
In addition, the IRS has the right to audit and expects you to be able to justify your eligibility and exemption choices — and provide documented evidence to back up your stance. Are you ready?
The Medical Device Excise Tax has been one of the most controversial policies to affect the industry in decades. But the pain can be mitigated if you properly apply the exemptions provided and document your actions. FDAnews, in conjunction with medical device tax expert Dan Lynn, has created your personal pain management plan. In just 90 minutes, Mr. Lynn walks listeners through each element of the tax calculation. He guides you through 6 major questions everyone is asking:
Medical Device Excise Tax audio CD/Transcript listeners will:
Dan Lynn is a CPA, MBA, Tax Partner at Beene Garter. Mr. Lynn offers more than 20 years of experience working with medical device manufacturers and importers. He has specialized knowledge in the areas of manufacturing and distribution, as well as continuing care retirement communities. His areas of expertise include mergers and acquisitions, business transition, accounting methods and tax transactional consulting. He also has experience in tax due diligence, FAS 109, consolidated corporations and the taxation of partnerships, S corporations and trusts. Mr. Lynn earned his Bachelor of Arts Degree and his Master of Business Administration in Accounting from Michigan State University. He currently serves as an adjunct professor of taxation at Grand Valley State University, and also serves on their MST and MSA Advisory Panels. His professional memberships include the American Institute of Certified Public Accountants (AICPA), the Michigan Association of Certified Public Accountants (MACPA) and the Association for Corporate Growth (ACG).
This audio CD/Transcript is a must for professionals in the device industry, including: