GM Says Bankruptcy want affect the Volt

As General Motors finally caved this morning, waved the white flag and filed for bankruptcy, those following electric cars immediately wondered what this all would mean for the long-awaited Volt. For years now, GM has steadfastly affirmed that it was moving forward with production regardless of what else was going on within the company and the economy at large. According to Technology Review, a GM spokesperson confirmed again this morning that 'the filing will have no impact on the company's plans to start selling the Volt at the end of next year.' That said, we have to wonder how much such a statement really means; reports have stated that the US government may up holding as much as 60 percent of the company, and if the primary goal is to bring the outfit back to profitability as soon as possible, Obama and Company may not feel that pouring even more into the high-priced Volt is a good idea.

I Missed the April 15 Tax Deadline. Now What?

You are subject to a late-filing penalty, but since the penalty is based on any unpaid tax at the due date, if your return shows that you will be getting a refund, there would be no penalty. For this purpose, the stimulus refunds do not count.

If your return shows that you still owe taxes, you may be subject to a penalty of 5 percent of the unpaid amount for each month, or part of a month, that your return is late, but not to exceed 25 percent. So be sure to file your return by May 15.

The late-filing penalty may not be imposed if you can show that your failure to file on time was due to a reasonable cause and not willful neglect. If you still owe taxes with your return, enclose a letter explaining your circumstances and asking forgiveness from the late-filing penalty.