Guidance eases tax filing burdens on medical device manufacturers.

On February 24, 2016, the Internal Revenue Service (IRS) published informal guidance on the suspension of the Medical Device Excise Tax through an update to its online “Medical Device Excise Tax: Frequently Asked Questions” web page. The updated guidance clarifies that medical device manufacturers are not required to file quarterly Forms 720 Federal Excise Tax Returns to report sales of medical devices for tax periods during the suspension period and instructs device manufacturers not to file zero-liability returns during the suspension period. The IRS also provides guidance on making adjustments to previously reported tax liabilities; filing claims for credit or refund during the suspension period; filing amended Forms 720; the impact of the suspension on ongoing examinations; and the impact of the suspension on statutes of limitation.