Tanning Bed Tax Details Issued by IRS
The IRS recently released guidance on the 10 percent excise tax on indoor tanning services levied by the Health Care Act. IR 2010-073 provides detail on the method of payment, and certain exceptions for the excise tax.
Payment
Generally, the tax will be collected from patrons at the time of purchase and paid quarterly to the IRS. Businesses should attached the payment with their Form 720 Quarterly Federal Excise Tax Return.
Exceptions
Phototherapy conducted on premises by a licensed medical professional will not be subject to the tax. Health facilities offering tanning services whose membership fee does not contain a separable charge for those tanning services are also not exempt.
Related posts:
- Breaking Down the Health Care Reform Law’s Impact on Small Businesses
- “Get Square VA” Offers Delinquent Taxpayers a Fresh Start
- North Carolina’s New Budget Includes Several Tax Increases
Similar Posts:
- 2.53% APY on Health Savings account with Meadows Credit Union
- Seminar: Tax Planning Relevant to Emerging Businesses (Tampa, FL)
- Why Would Anyone Choose to Rely on Welfare?
- Blog Disaster Swallows Two Weeks of Posts Today
- Questions to Ask Financial Planners
Recent Comments