Tim Geithner Doesn’t Think a Tax Cut Compromise Should Be Complicated

Correction: We regret to inform readers that no such assistance actually exists, the following is only meant for tax-stumped reporters who need help figuring out tricky tax rules.

Have no fear, little taxpayer, the AICPA is here to help you out if you’re stumped as to how to add up items H, K, L minus M x .412.

This year’s April 18 tax filing deadline is 13 days away, but approximately 59 million taxpayers still have to file their returns, the Internal Revenue Service said on April 4. These taxpayers are still collecting records, wrestling with forms and struggling to get answers to their last minute tax questions.

Edward Karl, vice president of taxation for the American Institute of Certified Public Accountants, and other members of the AICPA tax staff are available to answer questions for end of tax filing season stories about credits, deductions, errors to avoid, what to do if you can’t pay the taxes you owe and what to consider if you need to file for an extension. Taxpayers should be sure to remember that their tax bill is due and must be paid on April 18, even if they file an extension; otherwise penalty and interest fees apply.

The IRS said about 58 percent of the approximately 141 million returns it expects to be filed this year have been filed. About 20 to 25 percent of returns are filed in the last two weeks and about 7 percent of taxpayers will file for an extension. The IRS’s numbers are based on filing statistics as of March 25.

If you are a taxpayer who needs helpyou’re more of the self-service type and prefer interacting with a website over an actual human being, check out the AICPA’s 360 Degrees of Taxes for tax tips and suggestions. We found the Help! I can’t pay my tax bill article to be especially helpful for those who are in the delicate position of owing a bunch of money to the IRS but not actually having any to pay the piper. While the suggestion to take out a loan or borrow from family to pay a due tax bill seems offensive at first, it’s reasonable given that a bank loan will probably carry a smaller interest rate than fees and penalties associated with not paying the IRS promptly.