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Is There Anybody Out There? Thumbnail

Is There Anybody Out There?

IS THERE ANYBODY OUT THERE? … I have probably just confirmed that I (Lana) am an "on the cusp" GenXer by sharing the words of the great 80s band Pink Floyd.  You may also think that I must be in a really “dark” place, but I’m not!  You can go to YouTube to give a listen  – or maybe it’s already in your GooglePlay list of music that you never thought you’d get tired of (until now).  I used to love Groundhog Day – until now – I’m tired of the reference!  I said in my first writing that we are going to keep breathing and keep communicating as long as we feel it is necessary to help you through this.  

You can read back through the blogs if you missed one, remember something you thought we might have said, OR would like to share the information with someone else.

SO WHO CARES?  WE DO, and so do a lot of others around us.  We’ve seen much relief in the way of humanitarian efforts, but also fiscally that we want to remind you all about.

The CARES Act
 Passage of this new bill has implications on many American individuals and businesses

In response to the 2020 Covid-19 pandemic and its impact on the economy and the 2019 tax filing season, government officials have enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This bill, as signed into law by President Donald Trump on March 27, 2020, includes temporary rulings providing tax savings and increased cash flow opportunities for individuals affected.

There are several provisions in the bill that may impact your financial and tax planning strategies, including:

  • Extended tax filing deadlines, including an extension for 2019 IRA & HSA contributions
  • Cash payments for individuals
  • Temporary suspension of Required Minimum Distributions (RMDs)
  • Additional charitable and business loss deductions

There are also several provisions in the bill that impact small businesses, including:

  • Payroll protection program 
  • Refundable credit against payroll taxes for eligible employers

Given the widespread impacts of this law, we recommend you review the detailed overview of the law our expert Financial & Estate planning team created, and contact us with any questions. Remember while we are not currently meeting in person, we are able to conduct a full review of your plan and discuss any potential impacts and recommended strategies to address them.

Open Your March Statements

There is a tendency – a client suggested to me the other day that it is a stage of grief – to be in denial during these times.  There are many good reasons to look at your statements.  

  • There is an excellent “Strength of Baird” message with them from our president/CEO.
  • Unless you are 100% in equities, your portfolio might not be down as much as you think.
  • It is easier to determine where you want to go next, when you know where you are now.
  • You may need to determine adjustments and take action appropriate to you, based on the CARES act.
  • You might need to “repurpose” the paper (if you aren’t using BairdOnline).        (Just kidding)

Market Commentary/Conference Calls

We hosted two successful calls this week, plus there are plenty of replay calls out there from Baird that you might see from social media, etc.  We ask that you contact us:

  • If you participated and have questions!
  • If you missed one and have questions!
  • If there’s one you would like us to set up!  

Again, we DO CARE, and WE ARE OUT THERE!  Reach out.  Stay in touch.  We will do the same!