Entries by Chris Calderwood

2015 Federal Quarterly Estimated Tax Payments

Am I required to make 2015 federal quarterly estimated tax payments? The Internal Revenue Service (IRS) requires you to make quarterly estimated tax payments for calendar year 2015 if both of the following apply: you expect to owe at least $1,000 in federal tax for 2015, after subtracting federal tax withholding and credits, and you expect […]

Tax Relief for Victims of Severe Storms, Tornadoes, Straight-line Winds and Flooding in Texas

Updated July 22, 2015, to include Red River county. Updated July 20, 2015, to include Hood, Madison, Shelby and Wharton counties. Updated July 10, 2015, to include Angelina, Erath, Frio, Jim Wells, Montgomery and Trinity counties. Updated July 6, 2015, to include Bowie, Brazoria, Cherokee, Ellis and Harrison counties. Updated June 25, 2015, to include […]

IRS Fine-Tunes Offshore Voluntary Compliance Program

Since 2009, the IRS has operated an Offshore Voluntary Disclosure Program (OVDP) for U.S. taxpayers who have failed to disclose foreign assets or report foreign income from those assets to the IRS or Treasury. The program provides reduced penalties and other benefits, thus giving taxpayers an opportunity to address their past noncompliance and “become right” […]

IRS Unveils Taxpayer Bill of Rights

The Tax Code contains many taxpayer rights and protections. However, because the Tax Code is so large and complex, many taxpayers, who do not have the advice of a tax professional, are unaware of their rights. To clarify these protections, the IRS recently announced a Taxpayer Bill of Rights, describing 10 rights taxpayers have when […]