The Triple Tax Punch by The IRS During Covid 19
In this brief advisory, Kevin Simpson warns U.S. small businesses about a critical tax timing issue caused by the IRS’s COVID‑19 deadline extensions. The April 15 estimated‑tax payment and the June 15 estimated‑tax payment have both been postponed to July 15, meaning two installments are due on the same day. After July 15, the normal schedule resumes with a September 15 payment, resulting in three estimated‑tax installments falling within a 60‑day window—a situation Simpson calls the “Triple Tax Punch.” He stresses that the postponements are not a gift; the taxes remain due, and businesses should set aside the required funds. He cautions that firms that under‑estimated taxes in a strong 2019 revenue year may face additional liability. Simpson points viewers to a supporting document at recessionresponse.com for detailed guidance and urges preparation for the July 15 and September 15 deadlines.
