IRS Postpones Form 8947 Deadline, Modifies Drug Makers' Requirements

For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

IRS announces in Notice 2011-9 that it is modifying Form 8947, which relates to newly created fees on prescription drug manufacturers, and has pushed back the filing date to Feb. 11. The new notice modifies Notice 2010-71, issued in November 2010, which had subjected covered entities to a Jan. 20 filing deadline for Form 8947 to facilitate the 2011 fee calculation. The fees were created as a way to raise $27 billion to help pay for the Patient Protection and Affordable Care Act (Pub. L. No. 111-148). 

Request Daily Tax Report