Tax Headlines

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IRS Issues Final Regulations, Interim Guidance, and FAQs on Medical Device Excise Tax (T.D. 9604, Notice 2012-77, FAQ on Medical Device Tax)

The IRS has issued final regulations that provide guidance on the medical device excise tax imposed by Code Sec. 4191 . Under the new tax, starting in 2013, any manufacturer, producer or importer of certain medical devices is subject to the tax, which is equal to 2.3 percent of the price for which the medical device is sold.

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President Obama Warns GOP on Using Debt Ceiling to Leverage Fiscal Negotiations

Speaking before CEOs at the Business Roundtable on December 5, President Obama warned Republican leaders against using the debt ceiling as a wedge to force concessions on entitlement cuts during ongoing fiscal negotiations. “That is a bad strategy for America, that is a bad strategy for your businesses—and it’s not a game that I will play,” said the president.

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