Christie JungeA Plus Solutions Inc. · CEO | Profit First Professional

The Triple Tax Punch by The IRS During Covid 19

9 May 2020 · 1 min

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In this brief advisory, the speaker warns U.S. small‑business owners about a “triple tax punch” caused by IRS deadline changes during the COVID‑19 pandemic. The IRS postponed the April 15 estimated‑tax payment and the June 15 estimated‑tax payment to a single due date of July 15, meaning two installments will be due simultaneously. A third installment is then due on September 15, returning to the normal schedule. Consequently, three tax payments will be required within roughly 60 days. The speaker stresses that the postponement is not a gift; businesses must set aside the funds and be prepared for possible under‑payment, especially if prior estimates were low after the 2019 boom. A downloadable document on recessionresponse.com provides further details. The message concludes with a wish for the listeners’ success.

Chapters

This is the most important information. It's a warning that I need to share with small businesses. I call it the triple tax punch. I prepared a document. You can go to recessionresponse.com and download this. There's no signups or anything, and it details it out. Here's what it is. The April 15th installments for US-based small business has been delayed till July 15th. The June 15th estimates also delayed till July 15th. That means 2 tax estimates will be due on July 15th. And on September 15th, we return to the normal period. That means within 60 days, 3 tax installments are due. I am fearful 'cause businesses see this postponement as a gift. It is not. Those taxes are due, so reserve those taxes. And if your estimates were estimated low, especially after a booming period like we experienced in 2019, you may have additional money owed. So be very careful. This is a warning. Please be prepared for what's coming on July 15th and also again on September 15th. Hope this helps you. I'm wishing you tremendous success.