As a follow up to my previous article, Federal, state, and local governments have extended a number of deadlines amid the coronavirus pandemic. Here are just a few of the deadlines that have been affected. Federal and state income taxes The IRS has postponed the due date for filing federal income tax returns and making […]
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Weekly Update as of market close May 8, 2020
Investors continue to move toward stocks despite unfavorable economic data. New scientific and medical developments in the battle against COVID-19 offer hope. Last Monday saw stocks rebound from losses earlier in the day to close on a high note. Surging oil prices gave a boost to energy shares, which helped drive the market higher. Each […]
Read MoreHow to Not “Waste” a Crisis
Every cloud allegedly has a silver lining. Estate planners have discovered a potential silver lining in the current economic crisis. Estate planning strategies now may be implemented at a much-reduced tax cost, because asset values have fallen. At today’s lower asset values, much more may be transferred via gift before breaching the taxable threshold of […]
Read MoreWeekly Update as of market close May 1, 2020
Investors were guardedly optimistic last Monday as several countries and some states began to reopen their economies. The Russell 2000 jumped by nearly 4.0%, while the remaining indexes listed here all grabbed positive gains of at least 1.1%. Indexes were mixed on Tuesday as the large caps of the Dow and S&P 500 lost less […]
Read MoreSmall Businesses Eligible for Numerous Relief Programs During COVID-19 Crisis
Throughout March 2020, as it became increasingly evident that the economic impact from the COVID-19 pandemic would be both profound and prolonged, Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep employees on the payroll. Within a few weeks, initial funding for the two cornerstone programs, […]
Read MoreWeekly Update as of market close April 24, 2020
The week started with stock indexes falling sharply on the heels of an historic plunge of crude oil into negative territory. The Dow dropped nearly 600 points and more than 2.4% by Monday’s close. Minimal demand sent the prices for crude oil (CL=F) to -22.02 per barrel — down 222.06%. Stocks continued to tumble on […]
Read MoreWatch Out for Coronavirus Scams
Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers’ heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on the surge of coronavirus scams and how consumers can […]
Read MoreWeekly Update as of market close April 17, 2020
Last weekend, Russia, Saudi Arabia, and other major oil-producing countries agreed to slash production as oil prices had fallen about 50% from their January peak. Lack of demand, primarily due to COVID-19, has sent oil prices tumbling. The stock market started out slowly on Monday but picked up some steam to pare losses. Of the […]
Read MoreCARES Act: Retirement Plan Relief Provisions
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This $2 trillion emergency relief package represents a bipartisan effort to assist both individuals and businesses in the ongoing coronavirus pandemic and accompanying economic crisis. The CARES Act provisions for retirement plan relief for individuals under federal tax […]
Read MoreWeekly Update as of market close April 9, 2020
In observance of Good Friday, the stock market closed for business at the final bell last Thursday. The week started out with a bang as stocks soared in value on Monday with each of the benchmark indexes posting sizable gains. Investors were buoyed by the latest data, which showed that the spread of COVID-19 may […]
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