Erika Jones, CFO, CCTAProfit First Professionals · Certified Fractional CFO and Profit First Professional

The Triple Tax Punch by The IRS During Covid 19

9 May 2020 · 1 min

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In this advisory video, Erika Jones, CFO of CCTA, warns U.S. small businesses about a “Triple Tax Punch” caused by IRS postponements of estimated tax payments during the COVID‑19 pandemic. She explains that the usual April 15 and June 15 estimated tax deadlines have both been moved to July 15, creating two large payments due on that date, and that the normal September 15 deadline will follow, resulting in three installments within a 60‑day window. Jones stresses that this postponement is not a gift; businesses must reserve the necessary funds, especially if prior estimates were low after the strong 2019 earnings year, to avoid unexpected tax liabilities. She directs viewers to download a detailed document from recessionresponse.com (no sign‑up required) for further guidance and urges preparation for the July 15 and September 15 deadlines, concluding with a wish for the audience’s 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 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.