The Medical Device Excise Tax is a 2.3% tax on manufacturers and importers of listed medical devices. Payment of the tax is made semi-monthly and tax is returned quarterly on Form 720. Medical Device Excise Tax compliance may create some unique challenges for your tax department. DMA provides Compliance services to allow you and your staff to focus on other value-added tasks.
Our Compliance services are scalable to your specific needs, and our tax professionals will serve as an extension of your tax department when providing these services. DMA’s Compliance services may include:
Completing Initial Compliance
DMA assists you by establishing a tax account and the means for payment of the tax, as well as determining the qualifications for exemptions before the first compliance acts occurs.
Identifying Taxable Transactions
Identification of taxable transactions may be a daunting process in a complex sales environment. DMA offers a software solution MDETS
to automate this process, or we can work within your existing systems to ensure accurate taxability is determined.
Applying Proper Sales Pricing
The tax base is computed as the wholesale price less deductions plus other add backs. DMA will apply the various constructive pricings to your circumstances to ensure accurate pricing.
Recognition and application of exemptions, even those occurring before the current filing quarter, permits the proper deduction from the tax being reported. DMA will apply credits in the proper manner on the return.
Timely Tax Payment
The final component to accurately reporting the tax due is payment. DMA will ensure your processes are sufficient and provide timely and accurate payment and return services.