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Tax Strategy: Proposed Guidance on Medicare Contribution Taxes

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It looks as though the Internal Revenue Service is finally convinced, like the rest of us, that it is going to have to deal with the new Medicare contribution taxes coming into effect in 2013. One month before they come into effect, the IRS issued extensive proposed regulations addressing many of the uncertainties surrounding these new surtaxes. The guidance also included sets of frequently asked questions. While the regulations are not expected to be finalized until well into 2013 for the 2014 tax year, the IRS stated that taxpayers may rely on the proposed regulations for compliance purposes for 2013.

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