Diane GardnerFounder, Adept Business Solutions · 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 warning aimed at U.S. small‑business owners, the speaker explains that the IRS has postponed the usual quarterly tax installment deadlines due to the COVID‑19 pandemic. The April 15th installment and the June 15th estimated tax payments are both moved to July 15th, creating a situation where two tax payments are due on the same day. After that, the normal schedule resumes on September 15th, meaning that within a 60‑day window three tax installments will be required. The speaker cautions that this postponement is not a gift; businesses must still have the cash on hand to cover the taxes, especially if prior estimates were low after the 2019 boom. Listeners are directed to download a detailed document from recessionresponse.com, and are urged to reserve funds and review their estimates to avoid unexpected liabilities on July 15th and September 15th.

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.