The recently enacted health care overhaul legislation contains an “individual mandate”—a requirement that U.S. citizens and legal residents have qualifying health coverage or be subject to a tax penalty.

High-income taxpayers will be hit with two big tax hikes under the recently enacted health overhaul legislation: a tax increase on wages and a new levy on investments.

The recently enacted financial reform package (the “2010 Financial Regulation Act”) amends Code Sec. 1256 to broaden the list of contracts that are excepted from the definition of Section 1256 contracts and thus are excepted from mark-to-market treatment. Here are the details.

The midterm elections have changed the Congressional landscape, with Republicans winning control of the House of Representatives and picking up seats in the Senate. Even so, it's still to early to know exactly how this will affect open tax issues for 2010 and 2011.