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The Affordable Care Act was enacted on March 23, 2010. It contains some tax provisions that are in effect and more that will be implemented during the next several years. The following is a list of provisions for which the IRS has issued proposed and/or final guidance; additional information will be added to this page […]

Two federal tax credits may help you offset the costs of higher education for yourself or your dependents.  These are the American Opportunity Credit and the Lifetime Learning Credit. To qualify for either credit, you must pay postsecondary tuition and fees for yourself, your spouse or your dependent. The credit may be claimed by either […]

The Internal Revenue Service has expanded its “Fresh Start” initiative to help struggling taxpayers who owe taxes. The penalty relief part of the initiative relieves some unemployed taxpayers from failure-to-pay penalties. Penalties are one of the biggest factors a financially distressed taxpayer faces on a tax bill. The Fresh Start Penalty Relief Initiative gives eligible […]

The VOW to Hire Heroes Act of 2011 has made several changes to the Work Opportunity Tax Credit (WOTC). VOW adds two new categories to the existing qualified veteran targeted group and made the WOTC available to certain tax-exempt employers as a credit against the employer’s share of social security tax. VOW allows employers to […]

The IRS has issued proposed guidance which would update former guidelines regarding innocent spouse relief under Code Sec. 6015. Under that section, a spouse may request relief from joint and several liability for a tax liability resulting from a joint tax return. A similar provision of the Tax Code provides relief from a liability resulting […]