Wednesday, November 16, 2011

Industry Alert: Life Sciences

The deadline for pharmaceutical companies to report their drugs to the IRS is rapidly approaching. According to IRS Notice 2011-92, which provides the due dates for tax forms and various procedures for the 2012 pharmaceutical fee year, Form 8947 (Report of Branded Prescription Drug Information) is due by December 15, 2011.

Additional Information about Fee Year 2012

Notice 2011-92 provides that for the 2012 fee year:
  • Form 8947 is due Dec. 15, 2011.
  • Preliminary fee calculations will be mailed by the IRS by April 2, 2011 (requests to receive calculation information on CD-ROM must be made by March 1, 2012).
  • Error reports disputing the preliminary fee calculation are due May 16, 2012.
  • Final fee assessments will be issued by Aug. 31, 2012.
  • Fees must be paid by Sep. 31, 2012.

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