NUMBER OF THE WEEK: 8
The number of days both houses of Congress will be in
session prior to the November midterm elections, while regulators
will have 49 working days
over the same time period to mete out administrative fixes
where they can.
LEGISLATIVE LANDSCAPE
The House and Senate are in recess and will
return in September.
REGULATORY WORLD
IRS Having Problems Collecting Medical Device
Tax. The Internal Revenue Service is struggling to figure
out which taxpayers are supposed to pay the medical device excise
tax intended to help pay for the Affordable Care Act, resulting in
more than $117 million in tax revenue discrepancies, according to
an Aug. 19
report issued by the Treasury Inspector General for Tax
Administration (TIGTA). The TIGTA report also revealed that the
IRS has not been able to ensure that those subject to the tax,
including medical device manufacturers, producers and importers,
are accurately reporting and paying it. Sen. Orrin Hatch
