The IRS recently issued a warning about various schemes related to economic impact payments that are being sent to taxpayers under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The IRS warns taxpayers to be aware of scammers who use words such as “stimulus check” or “stimulus payment” instead of the official term, “economic impact payment”, and other methods.
In a volatile market, it’s easy to allow your emotions to influence your investment decisions. But if you can keep your cool while those around you are losing theirs, you may be able to take advantage of potential opportunities. One way to do that is by reviewing your portfolio to determine if it’s time to rebalance your asset allocation or modify your level of diversification. Rebalancing means adjusting your portfolio to get it back to your original target allocation.
A 10% penalty tax generally applies to distributions from an employer retirement plan or individual retirement account (IRA) before age 59½ unless an exception applies. Due to the coronavirus pandemic, the penalty tax will not apply to up to $100,000 of coronavirus-related distributions to an individual during 2020.
With extreme volatility in today’s markets and uncertainty in many professional and personal lives, financial planning with a trusted, credentialed advisor is more crucial than ever. In this brief video Fairman Group Partner, Shawn Kindt CPA/PFS, CFP®, explains the benefits of creating a financial plan—and routinely revisiting that plan—to assess progress and make necessary or desired adjustments. In Shawn’s words, “A good plan today is better than a perfect one tomorrow.”
Investment advisory services are offered through The Fairman Group, LLC. The Fairman Group, LLC is registered with the Securities and Exchange Commission under Section 203(c) of the Investment Advisers Act of 1940.
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