Market Update 4-20-2020 – Epic Battle

Coronavirus (COVID-19) continues to dominate world news. Markets took a beating in March, but with the support of a massive monetary and fiscal response around the world, some markets have started to recover.

Presently, there is an epic battle going on between monetary and fiscal stimulus on one side and overwhelming negative economic data and declining corporate profits on the other.  While the recent rally off the lows has been extraordinary and encouraging, I am troubled that the sectors leading the recovery are traditionally defensive sectors like healthcare, utilities and real estate.  Optimally, cyclical sectors like industrials, financials, and consumer discretionary would be leading the recovery. So far, these key sectors, along with Small Cap stocks, continue to underperform.

While we believe the stock market is continuing through its four-step bottoming process (oversold, rally, retest, breadth thrust) there has been enough evidence in certain areas to move to a more neutral position on stocks. The message within fixed income sectors is similar, due to unprecedented Federal Reserve intervention, so we moving to a neutral position in bonds. These indicator improvements we’ve seen do not mean a retest is off the table. In fact, historical tendencies and leadership trends support a retest. Ultimately, the market direction depends on what happens with the coronavirus.

Chart of the week: A prolonged economic recovery may signal further volatility ahead

  • The Conference Board put together a range of potential scenarios by which investors may think about an eventual U.S. economic recovery.
  • According to their analysis, U.S. GDP would decline by -3.6% in a best-case scenario that includes a May reboot and a V-shaped recovery. In a worst-case scenario, the U.S. economic growth would decline -6.6% in 2020, or more than twice the GDP decline of 2009.
  • My outlook is along the Fall recovery line with a steeper decline in the economy.  I just pray we don’t get a virus resurgence in the fall as illustrated below.

Market_Update_4.20.2020

Hoping you are safe and well.

Sources:  Conference Board, Ned Davis Research, Dwyer Strategy

Although information herein has been obtained from sources deemed reliable, its accuracy and completeness are not asserted. All opinions and estimates included in this report constitute the judgment of the financial advisor as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Investing involves risk and you may incur a profit or a loss. Diversification does not ensure a profit or ensure against a loss. There is no assurance that any investment strategy will be successful.  Past performance is no assurance of future results.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

Information provided should not be construed as legal or tax advice.  You should discuss any tax or legal matter with the appropriate professional.

Weekly Market Notes – April 13, 2020

Weekly_Market_Notes

For the Week of April 13, 2020

The Markets

Stocks closed higher on the final trading day before the holiday weekend. Investors appeared to dismiss jobless numbers and focus on the Federal Reserve’s announcement of new measures to provide $2.3 trillion in additional aid to local governments and businesses crushed by widespread closures. The main indexes recovered around half the losses they suffered in late March. For the week, the Dow rose 10.82 percent to close at 23,719.37. The S&P gained 10.46 percent to finish at 2,789.82, and the NASDAQ climbed 8.90 percent to end the week at 8,153.58.

Returns Through 4/09/20 1 Week YTD 1 Year 3 Year 5 Year
Dow Jones Industrials (TR) 10.82 -16.32 -7.04 7.22 8.35
NASDAQ Composite (PR) 8.90 -8.87 4.20 12.73 11.64
S&P 500 (TR) 10.46 -13.15 -1.11 7.93 8.13
Barclays US Agg Bond (TR) 0.67 4.01 10.12 5.06 3.53
MSCI EAFE (TR) 8.30 -20.32 -13.31 -0.56 -0.55

Source: Morningstar.com. *Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three- and five-year returns are annualized. The Dow Jones Industrials, MSCI EAFE, Barclays US Agg Bond, NASDAQ and S&P, excluding “1 Week” returns, are based on total return, which is a reflection of return to an investor by reinvesting dividends after the deduction of withholding tax. (TR) indicates total return. MSCI EAFE returns stated in U.S. dollars.

 

To Near Zero — The Fed cut its key benchmark interest rate to zero-to-0.25 percent on March 15. The only other time in American history that the Fed has cut rates to near zero was on Dec 16, 2008, a level that was maintained for seven years until it raised rates by 0.25 percentage points on Dec. 16, 2015 (source: Federal Reserve, BTN Research).

Bonds — Long-dated Treasuries produced a 32.6 percent total return over the year ending March 31. The Bloomberg Barclays Long U.S. Treasury Index, which includes all Treasury securities with a remaining maturity of at least 10 years and having at least $250 million of outstanding face value, was used as the proxy (source: Bloomberg, BTN Research).

No Job — First-time jobless claims for the week ending Feb. 1 were 201,000, its lowest level since Nov. 15, 1969. Just seven weeks later, jobless claims for the week ending March 21 were 3.283 million, a U.S. record (source: DOL, BTN Research).

 

WEEKLY FOCUS – What You Should Know About CARES Stimulus Checks

The third COVID-19 stimulus package, the Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed March 27, includes stimulus checks to qualifying individuals ($1,200), married couples filing jointly ($2,400) and parents with children under 17 ($500 for each child).

Who qualifies: To receive a check, you must be a U.S. citizen or legal resident, have a Social Security number and have reported income within the bill’s guidelines on your 2019 federal tax return (or your 2018 tax return if you haven’t filed for 2019). Those guidelines are: Individuals who filed an adjusted gross income up to $75,000 and married couples filing jointly with adjusted gross income up to $150,000 receive the full amount. Childless individuals with income above $75,000 but not over $99,000 and couples with income above $150,000 but not exceeding $198,000 will receive reduced amounts.

Who doesn’t qualify: Young adults whose parents claim them as dependents will not receive any cash. Individuals who receive Social Security or Veterans Affairs disability payments are not eligible if their parents claim them as dependents. Senior citizens who live with family members who claim them as dependents also won’t receive a check.

High-earning individuals who lost their job in 2020 will not qualify if their 2019 income was above the guidelines. But they will receive a tax credit on their 2020 taxes. Parents who had a baby in early 2020 will not see a $500 check for the child but will receive a $500 tax credit on their 2020 taxes. A divorced parent who didn’t claim their child on their last return won’t receive a payment for the child.

What you need to do: As long as you filed a return and your direct deposit information hasn’t changed, you don’t need to do anything other than watch for the deposit beginning in mid-April. If the IRS doesn’t have your direct deposit information, you can wait for a check in the mail or enter bank information on a portal the IRS will create. If you divorced after filing a joint return, the check will be deposited to the bank account listed on your joint return unless the information is updated.

If you have questions about other ways the CARES Act may affect you or concerns about market volatility, please feel free to call. While our method or location may change, we’re here to serve you.

 

Securities America and its financial professionals do not provide tax advice.

DWM Plan Well logo

* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Morgan Stanley Capital International Europe, Australia and Far East Index (MSCI EAFE Index) is a widely recognized benchmark of non-U.S. stock markets. It is an unmanaged index composed of a sample of companies representative of the market structure of 20 European and Pacific Basin countries and includes reinvestment of all dividends. Barclays Capital Aggregate Bond Index is an unmanaged index comprised of U.S. investment-grade, fixed-rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and 10 years. Written by Securities America, Copyright April 2020. All rights reserved. Securities offered through Securities America, Inc., Member FINRA/SIPC. SAI#3038730.1

Market Update – April 9, 2020

Folks,

First, I want to wish you a happy Passover and Easter.

Everything about the last few months have been historic.  The Covid-19 is a crisis like no other we have seen in our lifetimes. In the financial markets we continue to see extreme volatility, both up and down, across most asset classes.  We have also seen unprecedented actions by governments and central banks in an effort to mitigate the economic and financial damage from dealing with the virus.

Since the low point in the S&P 500 on March 23rd, we have seen a relief rally, then another decline, and another relief rally this week.  The bounce of the low has exceeded what history suggested and has only been exceeded by a relief rally of 24% coming off the late 2008 low, which lasted over a month but ultimately led to a lower low in March 2009.  The drop from record levels in February 2020 was historic in both degree and speed and so too has been the relief rally. The broad stock market remains some 21% below the February 2020 high.

Our game plan was formed based on the way the market declined and how it tracked previous serious economic slowdowns such as 1987 and 2008/2009. So the obvious question is whether we are sticking with our game plan anticipating a retest of the low before this is all over.

market_update_4.9.2020

What are we still worried about?

  1. As of this morning, some 16 Million American’s filed for unemployment – that’s over 10% of all jobs in America lost.  That number will continue to climb over the next several weeks. How many jobs will be lost permanently, post-Covid 19, is an unknown.
  2. Small businesses have yet to get needed money from the government support programs.  Small businesses account for approximately 64% of all employment in the US.  How many of these businesses close permanently?  Another unknown.
  3. Almost 90% of the country is still in a “shelter-in-place” status through the end of April. When will that start to change?
  4. The economic shutdown was so swift that the impact has not been accurately reflected in economic report yet.
  5. Our contacts in the mortgage market suggests extreme stress in both the residential and commercial mortgages due to forbearance requests.
  6. Our contacts in the bond markets report that while the actions of the Federal Reserve has led to improvement, there is still significant stress in the credit market.

We need to see significant improvement in the above factors before overriding our game plan.  So at this point we are sticking to our game plan and would rather wait to adopt a more offensive position once the market pulls back toward the late March level.

Jim

Sources: Dwyer Strategy, Bespoke Investment Group

Although information herein has been obtained from sources deemed reliable, its accuracy and completeness are not asserted. All opinions and estimates included in this report constitute the judgment of the financial advisor as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Investing involves risk and you may incur a profit or a loss. Diversification does not ensure a profit or ensure against a loss. There is no assurance that any investment strategy will be successful.  Past performance is no assurance of future results.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

Information provided should not be construed as legal or tax advice.  You should discuss any tax or legal matter with the appropriate professional.

Weekly Market Notes – April 6, 2020

Weekly_Market_Notes

For the Week of April 6, 2020

The Markets

Stocks slid on the final day of another volatile week, amid dismal unemployment and a spike in coronavirus-related deaths in New York. Andrew Cuomo, governor of New York, reported over 100,000 cases and 2,900 deaths. For the week, the Dow fell 2.65 percent to close at 21,052.53. The S&P lost 2.02 percent to finish at 2,488.65, and the NASDAQ dropped 1.69 percent to end the week at 7,373.08.

Returns Through 4/03/20 1 Week YTD 1 Year 3 Year 5 Year
Dow Jones Industrials (TR) -2.65 -25.74 -17.67 3.07 6.03
NASDAQ Composite (PR) -1.69 -17.59 -5.60 8.91 9.81
S&P 500 (TR) -2.02 -22.56 -11.62 3.85 5.93
Barclays US Agg Bond (TR) 0.73 3.42 9.72 4.82 3.32
MSCI EAFE (TR) -3.76 -26.43 -20.14 -3.25 -1.82

Source: Morningstar.com. *Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three- and five-year returns are annualized. The Dow Jones Industrials, MSCI EAFE, Barclays US Agg Bond, NASDAQ and S&P, excluding “1 Week” returns, are based on total return, which is a reflection of return to an investor by reinvesting dividends after the deduction of withholding tax. (TR) indicates total return. MSCI EAFE returns stated in U.S. dollars.

A LOT OF MONEY – The $2.3 trillion stimulus legislation, officially called the “Coronavirus Aid, Relief and Economic Security” Act (CARES), represents government spending equal to 52 percent of the $4.4 trillion of actual government outlays during all of fiscal year 2019 (source: Treasury Department).

FORGIVEN – $349 billion of the $2.3 trillion stimulus package is for small businesses that have less than 500 employees in the form of loans that will be forgiven if used for payroll and rent (source: CARES).

WHEN THE BEAR BOTTOMS – The S&P 500 had fallen 34 percent as of Monday 3/23/20 from its all-time closing high set on 2/19/20, the index’s 12th bear market since the end of WWII.  The average return for the S&P 500 in the first year following the bear market low close in the previous 11 bears is +39.2 percent, more than 3 times the +12.6 percent average gain in the 2nd year following the bear market low close (source: BTN Research).

 

WEEKLY FOCUS – How CARES Act Affects Individuals

President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law March 27. In addition to hundreds of billions of dollars in funding to businesses, healthcare and state and local governments, the CARES Act includes these measures directly impacting individuals:

Taxes and payments: Individual tax filers who had an adjusted gross income up to $75,000 and married couples who filed joint returns with income up to $150,000 will automatically receive $1,200 and $2,400 checks respectively. Individuals and couples whose income was over those limits but up to $99,000 and $198,000 respectively will receive reduced amounts. Parents will receive $500 for each qualifying child. Individuals now have until July 15 to file their 2019 federal income taxes. Taxpayers can claim up to a $300 deduction for charitable donations made in 2020 – even if they don’t itemize.

Retirement accounts: Required Minimum Distributions from IRAs and 401(k)s are suspended through 2020. 401(k) loan limits are increased from $50,000 to $100,000. Penalties are waived on early withdrawals from pretax retirement plans up to $100,000 for coronavirus-related needs in 2020. Such withdrawals will be taxed, but taxes will be spread over three years. Alternatively, individuals may replace the funds within three years. 

Student loans: Federal student loan and interest payments are automatically deferred until September 30. For individuals who qualify for student loan forgiveness, these skipped payments will count toward their 120 required payments.

Unemployment: Eligibility for unemployment insurance is expanded to include self-employed contractors and gig workers. Unemployment filers will receive an extra $600 a week (in addition to their states’ unemployment benefits) for up to four months. It also adds 13 weeks of unemployment benefits.

Homeowners and renters: Holders of federally backed mortgages can request forbearance for up to 180 days for virus-related hardships, with a second extension. Landlords with mortgages backed by the U.S. Department of Housing and Urban Development, Fannie Mae, Freddie Mac and other federal entities cannot pursue eviction of tenants for 120 days following the Act’s enactment.

If you have questions on how the CARES Act affects you personally or other concerns about our current situation, don’t hesitate to call.   Securities America and its financial service professionals do not provide tax advice.

DWM Plan Well logo

* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Morgan Stanley Capital International Europe, Australia and Far East Index (MSCI EAFE Index) is a widely recognized benchmark of non-U.S. stock markets. It is an unmanaged index composed of a sample of companies representative of the market structure of 20 European and Pacific Basin countries and includes reinvestment of all dividends. Barclays Capital Aggregate Bond Index is an unmanaged index comprised of U.S. investment-grade, fixed-rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and 10 years. Written by Securities America, Copyright April 2020. All rights reserved. Securities offered through Securities America, Inc., Member FINRA/SIPC. SAI#3029683.1

Update On Current Times

Dear friend,

I hope this finds you and your loved ones safe and well.

We have been told by our health care officials to prepare for the next few weeks to grow “worse before it becomes better”.

Less important but, in a similar way, so will the stock market reaction.

Your March 31 statements will be arriving soon and they are not going to be pretty. However, as we have talked about before:

Current values are not relevant values unless you need the money now.

We have made adjustments to significantly reduce risk in your portfolio until we see clear skies again.  Additionally, many of you may have income programs and other protections in place.

We may have talked recently but if you want to talk again please let me know.

I leave you with these following thoughts that I subscribe to:

o        We have decided to be guided by history as opposed to headlines. Invited by the media to subscribe to the thesis “This time it’s different,” we respond instead “This too shall pass.”

o        My mission continues to be: not to insulate you from short to intermediate-term volatility, but to minimize your long-term regret. The best way I know to do that is by encouraging you to stay the course on your long-term plan.

o        In my experience, all successful long-term investors are continuously acting on a plan. All the failed investors I’ve ever encountered were continually reacting to current events – and always the wrong way.

o        In politics, the short term is crystal clear, and the long term is murky. In the stock market, the short term is murky, but the long term is crystal clear.  While the near-term is quite uncertain, I remain confident in the long-term resiliency of us all.

Be safe and stay well.

Jim & DWM team

Although information herein has been obtained from sources deemed reliable, its accuracy and completeness are not asserted. All opinions and estimates included in this report constitute the judgment of the financial advisor as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Investing involves risk and you may incur a profit or a loss. Diversification does not ensure a profit or ensure against a loss. There is no assurance that any investment strategy will be successful.  Past performance is no assurance of future results.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

Information provided should not be construed as legal or tax advice.  You should discuss any tax or legal matter with the appropriate professional.

April 2020 Market Update – Trajectory

Following up on my 3/31/2020 note on the CARES Act here is a link to IRS information on how to receive your stimulus payment     https://www.irs.gov/coronavirus  NOTE:  The IRS will NOT call you about direct payments.  Any calls you receive are scams.

We are in a new world that has 3 inter-related parts –  Healthcare, Economic, and Financial.

On the healthcare front my biggest concern is the trajectory of the spread of Covid-19 here in the US.  “Current U.S. trends are concerning, suggesting a course potentially worse than Italy. “We highlight five dynamics to watch [which we] believe suggest the U.S. is facing a broad and accelerating outbreak.” (Morgan Stanley Biotechnology analyst)

  1. U.S. cases are growing the fastest globally
  2. U.S. mortality is not slowing despite social distancing
  3. New cases are growing faster than testing capacity
  4. New ‘hot spots’ are exhibiting growth above other regions
  5. U.S. social-distancing measures remain less strict than those of other countries

“We would highlight that the biggest risk to this forecast is that while we have reasonable confidence the East and West coasts will reach peak cases in the next 2-3 weeks, the interior of the country is now exhibiting signs of new outbreaks.” (Morgan Stanley)

This is a scary and sobering outlook.  While I pray the trajectory shifts from blue line in the chart on the left to the pink line, my outlook is based on the red line.

On the economic front, my biggest concern is the longer it takes to get the virus under control, so the economy can open back up, the greater the possibility of significant and potentially permanent damage to the economy, both here in the US and globally.  Here, I am praying for a path that follows the dark blue line, but my outlook is based on the light blue line. This would have us in a recession until the end of 2021.

4.1.2020_Monthly_outlook_3

Source Blackstone

On the financial front, the Federal Reserve and the US government are taking extraordinary steps to support the financial system.  Only time will tell to what extent these actions succeed in limiting the damage.  From an investment perspective , I believe we are in the eye of the storm.  We had the initial damage when the storm first hit in early March. We are now in a period of relative calm, but I expect the storm to swing back around and create more damage.

Using history as guide, I expect we will likely retest the lows in stocks from mid-March, which would be a 15% decline from where we ended March.   It is also conceivable we could go even lower if the virus drags on and the economy remains shutdown longer. “Waterfall declines – Stocks have broken the initials lows of a waterfall decline almost 70% of the time by an average of 7.2%”  (Ned Davis Research)

4.1.2020_Monthly_outlook_4

Right now I believe the market is somewhere between fear and panic (see chart below).  When it comes to your portfolio, I have to weigh the risk of going back into stocks too early, with potential for some additional downside, against the risk of going back in too late, with the potential to miss some of the recovery.  Catching it right at the point of maximum financial opportunity is virtually impossible, more so in these uncharted waters.  Please reply to this email (or give me a call) to let me know your thoughts on going too early or too late.

4.1.2020_Monthly_outlook_5

As always, we continue to monitor your portfolio and the market/economy continuously.

April Calendar of Events   (comments and additions for future months are always welcome)

  • April  is National Autism Awareness month.  Let’s all get educated on this issue and works towards acceptance and inclusion of people dealing with autism.

April 9th                       Passover begins – Chag Pesach Sameach

April 10th                     Christian’s wife Maecy birthday

April 12th                      Easter Sunday – Have a blessed and Holy Easter

April 12 & 13th            We adopted our 4 legged children Coco (2010) and Buddy (2013)

April 15th                     Tax Day.  Remember to make those IRA or Roth contributions.  NOTE:  Tax day extended to July 15, 2020!

April 22nd                     Earth Day – let’s all recycle, turn out lights when we leave rooms, and do all we can for our environment

April 25th                     My daughter Satya’s birthday – wow she is turning 35!  I must be getting old 😊

Sources:  Ned Davis Research, Oppenheimer Investments, Blackstone, Morgan Stanley Research, Westcore Funds

Although information herein has been obtained from sources deemed reliable, its accuracy and completeness are not asserted. All opinions and estimates included in this report constitute the judgment of the financial advisor as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Investing involves risk and you may incur a profit or a loss. Diversification does not ensure a profit or ensure against a loss. There is no assurance that any investment strategy will be successful.  Past performance is no assurance of future results.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

Information provided should not be construed as legal or tax advice.  You should discuss any tax or legal matter with the appropriate professional.

CARES Act – Coronavirus Aid, Relief, and Economic Security Act

I hope this note finds you and your loved ones safe and well.

On Friday March 27, 2020 the CARES Act became law.  This legislation is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. Here’s a look at some of the key provisions included in the bill and what that may mean for you:

  • Direct payments: Americans who pay taxes will receive a one-time direct deposit of up to $1,200, and married couples will receive $2,400, plus an additional $500 per child. The payments will be available for incomes up to $75,000 for individuals and $150,000 for married couples.  This will be based on your 2019 income tax return or 2018 if you have not yet filed 2019.  The payments should be direct deposited into the bank account you used on your tax return or a check will be mailed to your home.  For those receiving Social Security benefits, the payment should be directly deposited into the bank account where your SS benefit is paid.
  • Unemployment: The program provides $250 billion for an extended unemployment insurance program and expands eligibility and offers workers an additional $600 per week for four months, on top of what state programs pay. It also extends UI benefits through Dec. 31 for eligible workers. The deal applies to the self-employed, independent contractors and gig economy workers. For anyone whose employment has been impacted, you should file for unemployment as soon as possible. Here is link to NJ https://myunemployment.nj.gov/  and NY https://labor.ny.gov/ui/how_to_file_claim.shtm
  • RMDs suspended: Required Minimum Distributions from IRAs and 401(k) plans are suspended.  For those who can afford to not take their RMD (or take a lower amount) I would encourage you to consider doing that.  It will leave more capital in your retirement account to participate in the recovery.  Feel free to call me to discuss.
  • Use of retirement funds: The bill waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes, retroactive to Jan. 1. Withdrawals are still taxed, but taxes are spread over three years, or the taxpayer has the three-year period to roll it back over.  This should be a “last resort” step.
  • 401(k) Loans: The loan limit is increased from $50,000 to $100,000.  This is also a “last resort” step.
  • Student Loan Payments: Borrowers can request to delay payments on federal student loans until Sept. 30, 2020.1 All federally-owned student loans will automatically have a 0% interest rate until then. Contact your federal student loan servicer to request forbearance. This does not apply to private student loans.

The IRS also announced the delay in 2019 income tax deadline from April 15th to July 15th.  This applies to both filing your return as well as making any payment due.  If you feel you are entitled to a refund I encourage you to still try to file your return now (assuming your tax preparer is available).

There are several provisions for small business owners in the CARES Act that I will address in a separate note.

As more information on this legislation and any future legislation is available I will share it with you.

Also note the IRS will NOT call you about this. Any call you receive is a scam.

Jim

 

Soruces: Forbes.com, TheBalance.com

 

Although information herein has been obtained from sources deemed reliable, its accuracy and completeness are not asserted. All opinions and estimates included in this report constitute the judgment of the financial advisor as of the dates indicated and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Investing involves risk and you may incur a profit or a loss. Diversification does not ensure a profit or ensure against a loss. There is no assurance that any investment strategy will be successful.  Past performance is no assurance of future results.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus containing this and other information. Read it carefully before you invest or send money.

Information provided should not be construed as legal or tax advice.  You should discuss any tax or legal matter with the appropriate professional.