We critically examine the current status of theoretical calculations of the energies, the fine structure, and the isotope shift of the lowest-lying states of helium, searching for unresolved discrepancies with experiments. Calculations are performed within the quantum electrodynamics expansion in powers of the fine structure constant $\alpha$ and the electron-to-nucleus mass ratio $m/M$. For energies, theoretical results are complete through orders $\alpha^6m$ and $\alpha^6m^2/M$, with the resulting accuracy ranging from $0.5$ to $2$~MHz for the $n=2$ states. The fine-structure splitting of the $2^3P$ state is predicted with a much better accuracy, 1.7~kHz, as a consequence of a calculation of the next-order $\alpha^7m$ effect. An excellent agreement of the theoretical predictions with the recent measurements of the fine structure provides one of the best tests of the bound-state QED in few-electron systems and determines the fine-structure constant $\alpha$ with an accuracy of 31~ppb. The isotope shift between $^3$He and $^4$He is treated theoretically with a sub-kHz accuracy, which allows for a high-precision determination of the differences of the nuclear charge radii $\delta r^2$. Several such determinations, however, yield results that are in a 4$\sigma$ disagreement with each other, what remains unexplained. Apart from this, we find no significant discrepancies between theory and experiment for the helium atom. In the future, a calculation of the next-order $\alpha^7m$ effect for energy levels will enable determinations of the nuclear charge radii from atomic transition frequencies with an accuracy better than 1\%. Combined with the complementary determinations from muonic atoms, this will provide a sensitive test of universality in electromagnetic interactions of leptons and contribute to the solution of the proton charge radius puzzle.
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