Out With the Old, In With the New: Upgrading Your Technology for a Successful New Year

The New Year is one of the busiest times of the year in the health and wellness industry as millions of people around the world make a renewed commitment to their health. Health clubs, gyms, and nutrition retailers see an uptick in traffic during the New Year.  

However, this increase in store traffic isn’t limited to gyms and health clubs. Medspas, dermatologist offices, plastic surgery centers, and even tattoo removal clinics also see increased patient traffic.  After all, the New Year is the most popular time of year to set goals, make resolutions, and embrace the "New Year, New You" motto.  It can be empowering to start removing that
unwanted tattoo, get your first laser hair removal treatment or undergo a complete skin resurfacing treatment.   

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2018 Update on the ACA Medical Device Excise Tax

In 2013, as part of the Affordable Care Act, the medical device excise tax imposed a 2.3% tax on the sale, use, or lease of certain medical devices in the United States. This medical device excise tax was one of the several taxes and fees included in the Affordable Care Act to help pay for expanded health insurance.

A two-year delay on the application of the medical device excise tax was imposed in December 2015. Therefore, the excise tax did not apply to sales of taxable medical devices between January 1, 2016 to December 31, 2017. Manufacturers and importers of medical devices sold during this time did not have to make semi-monthly deposits of the excise tax. When the moratorium expired at the end of 2017, it was expected that the tax would become effective for sales beginning January 1, 2018.

However, on January 22, 2018, the moratorium on the medical device excise tax was retroactively extended another two years and will now go into effect on January 1, 2020.

So, what does this mean for you?

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