If you file form 4868 and are unable to pay the tax due, the penalty
is 0.5%% a month. If you file your taxes and are unable to pay the tax
due, what is the penalty? Is it 5%% a month (till a maximum of 25%%),
or is it 0.5%% a month till October 15, then 5%% after that?

Is there a way to file your taxes and still get the 0.5%% penalty a
month?

With form 9465, you pay in installments and the penalty is 0.25%%. But
there is a chance that your request for installment will be denied if
you were in an installment agreement last year.

I procrastinated till May 7th, 2008 till mail the paperwork she filed
for me.

I owed slightly higher then $200 on fed, a few bucks on state..

Is there any type of penalty or presumably, interest payment request
that will be sent to me?

Does this impact the delivery of my rebate check? To a later date?

impecable past record, never late...this year was an exception, racked
with bills, need any input/insight..

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I e-filed my 2007 1040 and received my refund via Direct Deposit back in
February. Subsequently, I filed an amended return to claim the
Residential Energy Credit and received a $200 paper check. (I couldn't
claim the credit on my initial filing; at the time, the IRS wasn't able
to process form 5695 because of the late AMT changes.) Because of this,
I'm unsure whether my stimulus payment will be Direct Deposited or
physically mailed.

My SSN puts me in the first "bucket" for economic stimulus payments.
Accordingly, it should have been transmitted no later than May 2, if it
were going to be Direct Deposited. Thus far, there has been no sign of
it in my checking account.

I have also received a mailed notice from the IRS claiming that I can
"expect" my payment by May 9. It would certainly be nice to think that
this means it has been sent electronically, but I've never seen an
electronic payment take this long (assuming it was transmitted on the
2nd).

Anyone able to interpret these chicken bones?

Thanks!

CCH TAX NEWS for May 7, 2008

FEDERAL NEWS

FAA Reauthorization Bill Stalls in Senate
http://tax.cchgroup.com/news/headlines/2008/nws5708.htm#1

Treasury Security Rate Set for Computing Current Plan Liability for
May 2008 (Notice 2008-50)http://tax.cchgroup.com/news/headlines/2008/
nws5708.htm#2

Processing Systems Not Delaying Economic Stimulus Payments, IRS Tells
CCH
http://tax.cchgroup.com/news/headlines/2008/nws5708.htm#3

STATE NEWS

New York --Sales and Use, Utilities Taxes: Amended Federal Definition
of "Internet Access" Discussedhttp://tax.cchgroup.com/news/headlines/2008/nws5708.htm#4

Vermont --Multiple Taxes: Legislature Passes Tax Holiday, Decoupling,
Reduced Property Tax
http://tax.cchgroup.com/news/headlines/2008/nws5708.htm#5

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http://tax.cchgroup.com/news/default.asp?PageID=4