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First Device Tax Deposits Due Next January

Although medical device taxes will need to be paid quarterly, the first deposits are due soon after the tax takes effect next January, KPMG tax experts say.

Device makers and importers will have to make the first deposits on new device excise taxes by Jan. 29, 2013, despite the fact that it is technically a quarterly tax, warned two KPMG excise tax consultants during a March 5 webcast. The first quarterly tax returns will be due April 30.

“So it’s really important to have all your systems up and running as of Jan. 1, 2013,” said Deborah Karet...

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