On Friday, March 27 the Coronavirus Aid, Relief, and Economic Security “CARES” Act was signed into law. The key issues covered in the almost 900-page bill include provisions such as providing liquidity to individuals and businesses, expanding unemployment benefits, and incentives for businesses to retain employees. A few of the provisions are as follows.
The COVID-19 pandemic has had a significant impact on global economies and world markets (to say nothing of the health tragedies). In volatile times like these, human nature causes many investors to want to sell their portfolios for fear of major losses—short term and potentially long term. Before we delve into this topic further, we want to remind clients about a few core tenets of portfolio construction and asset allocation.
On Friday, March 20, the IRS released Notice 2020-18 which supersedes the guidance referenced in our prior communication released on March 19. Under this new guidance, the original filing deadline for all taxpayers has been postponed from April 15 until July 15. The postponement of the deadline is automatic and no forms are necessary to be mailed. Taxpayers who wish to extend the deadline for filing until October 15 will need to file an extension before the new July 15 deadline.
We are committed to protecting the health and well-being of our staff, our clients and colleagues. Our physical office is closed, but we have deployed our work-from-home protocol. Our staff continues to work remotely to support our clients.
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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