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The Patient Protection and Affordable Care Act and the related Health Care and Education Reconciliation Act overhauls the U.S. health care system and affects nearly all taxpayers, many employers, and many elements of the health care industry. This massive overhaul contains a host of tax changes, many of which are both complex and novel. To compound the challenge, the tax changes go into effect over a number of years - ten if two retrocactvely effective tax changes are counted and nine if they are not. 
Sometimes we need to talk about costly taxpayer mistakes that could have been avoided with professional consultation. Take the recent case of a securities firm owner doing business as an S corporation. An S corporation's income is directly taxable to its owners, and its losses pass through to owners for deduction on their tax returns. S corporations are like partnerships in this respect, and the problem we'll describe arises with partnerships, too. 
Clients frequently ask me how long they should store their tax records. Spring is a great time to clean out that growing mountain of tax and financial papers that clutters your home and office. Here's what you need to keep and what you can throw out without fearing the wrath of the IRS.
Monthly tips and suggestions to maintain your finances throughout the year.