On June 28, 2012, the U.S. Supreme Court ruled, in a landmark decision, that the Patient Protection and Affordable Care Act (ACA), including the provision that most Americans must carry health insurance or pay a penalty, is constitutional.

Generally speaking, any asset purchased by a business that is expected to last more than one year must be depreciated over the useful life of that asset.

Little publicized, but effective and starting in 2013, as a part of the Patient Protection and Affordable Care Act of 2010, enacted March 23, 2010, there will be a new tax of 3.8% applied to “net investment income." This new tax would apply to taxpayers with taxable incomes in excess of $200,000 ($250,000 for married filing joint return).

There is a lot of discussion about the growing problem of identity theft. Most people think of identity theft as a stolen credit card or a compromised bank account. But many people don’t realize that tax identity theft is becoming increasingly common. The IRS reported tax identity theft as No. 1 on its annual list of “Dirty Dozen Tax Scams.” In fact, many refunds in the 2012 filing season were delayed because of IRS filters that were meant to screen for identity theft on tax filings. When the IRS cannot detect and prevent tax identity theft, it becomes a complex post-filing issue.

Previously, an employee was not allowed to deduct personal expenses and lodging expenses if the event did not include travel away from home.

A couple of weeks ago (TTW # 150) we looked at the revised collection and installment payment rules under the IRS’s “Fresh Start” initiative. “Fresh Start” is a new program that the IRS hopes will help taxpayers clear up their tax problems in a shorter period of time than the past.