Medical Device Excise Tax Payment Schedule
- Sales Tax News
- Feb 25, 2013 | Gail Cole
The new Medical Device Excise Tax (MDET) took effect on January 1, 2013.
MDET is filed quarterly, meaning that the first reports and payments are due by April 30, 2013. However, businesses with a tax liability in excess of $2,500 for the quarter may be required to file semi-monthly. The first deposit for those lucky dogs was due on January 29, 2013 and covered the first 15 days of January.
In a (rare?) moment of magnanimity, the IRS is allowing for "transition relief to medical device manufacturers from the failure to deposit penalties imposed by § 6656." Notice 2012-77 "waives penalties under § 6656 for the first three calendar quarters of 2013."
In other words, don't worry too much if you didn't make your first payment on time. But perhaps you should let someone else worry for you.