27 September 2023 IRS issues proposed regulations on reporting requirements for IRC Section 5000D excise tax on designated drugs The IRS and Treasury Department issued proposed regulations (REG-115559-23) on how to report liability for the IRC Section 5000D excise tax imposed on manufacturers, producers or importers of certain designated (negotiation eligible) drugs sold during the applicable statutory period. Taxpayers would be required to report the IRC Section 5000D tax on Form 720, Quarterly Federal Excise Tax Return, in each quarter in which liability for the tax is incurred. Taxpayers would not be required to make semimonthly deposits of the IRC Section 5000D tax. The proposed rules would apply to calendar quarters beginning on or after October 1, 2023, and taxpayers can rely on them for returns beginning on this date. Document ID: 2023-1610 |
