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The Patient Protection and Affordable Care Act, which was signed into law on March 23, 2010, mandates that every American, with few exceptions, have health coverage starting in 2014. Failure to obtain...

The IRS reported in its latest Statistics of Income Bulletin that the number of taxpayers making noncash charitable contributions increased between 2006 and 2007. More specifically, for 2007, 23.8 mil...

Taxpayers with adjusted gross income of $73,000 or less can use Free File to prepare and file their 2021 federal income tax return. Usually, Free File remains open until the extended due date…Octobe...

After more than 30 years, the opportunity for low-income workers to receive the earned income credit on an advanced basis has ended. Effective after 2010, eligible workers will have to wait until they...

Reversing its prior position, the IRS has now concluded that the cost of breast pumps and supplies that assist lactation are medical care. Like obstetric care, the lactation equipment affects the stru...

The value of the shares ($100,000) received in the settlement likely are fully taxable, assuming this was not for a claim of personal physical injury or illness. Loss on the sale of the shares—the d...

Usually, the IRS has only 3 years from the due date of a return to commence an audit. However, if there is an omission of gross income of more than 25%, than the IRS has 6 years to act. A question tha...

The gambling industry in the United States generates more than $92 billion in revenue. The revenue comes from such activities as commercial casinos operating in 12 states, casinos on Indian tribal lan...

The cost of vehicles purchased for business can be recovered by expensing (limits may apply), which provides a greater up-front write-off than depreciation claimed over a number of years. In one recen...

Certain arguments made by taxpayers in the past have been determined to have no validity in the law and, thus, are deemed to be "frivolous." As such those who continue to advance them can be subject t...