Dave WordenTriumph Business Solutions · Founder

The Triple Tax Punch by The IRS During Covid 19

9 May 2020 · 1 min

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1:00

In this brief advisory, the speaker warns U.S. small‑business owners about a “Triple Tax Punch” caused by the IRS postponing two quarterly estimated tax payments. The April 15 installment and the June 15 installment have both been delayed to July 15, meaning two payments will be due on the same day. After July 15, the normal schedule resumes with a September 15 payment, resulting in three estimated tax payments within a 60‑day window. The speaker cautions that many businesses may view the postponement as a gift, but the taxes remain due; under‑estimating payments—especially after the strong 2019 earnings year—could lead to additional liability. Listeners are urged to reserve sufficient cash, download a detailed document from recessionresponse.com, and prepare for the July 15 and September 15 deadlines.

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 15 installments for US based small business has been delayed till July 15. The June 15 estimates also delayed till July 15. That means two tax estimates will will be due on July 15 and on September 15 we return to the normal period. That means within 60 days three tax installments are due. I am fearful because 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, 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.