Special Report – A Fourth Update
The daily cadence of life has certainly been interrupted by these interesting times. We sincerely hope each of you is finding a good way of coping with the disruption to your schedule. As most parents of any age can probably relate too, our houses have turned into roller-skating rinks with all furniture pushed to the side and rugs pulled away. There are no injuries to report, yet.
As was expected, the virus is reaching the point where it is personal, and we know people who have it currently or are in the recovery phase. There have been four coronavirus cases associated in one way or another with people we know. One in Washington and three in New York. Out of the four cases, three have been successful recoveries and the fourth individual is still battling the virus.
Additionally, Lisa, a tax preparer in our office, is married to a Navy Chief stationed on the USS Theodore Roosevelt. As has been reported, the ship is struggling with an outbreak of the virus and is working on containment. With 5,000 sailors stationed on the ship-based out of San Diego, this is going to be closely watched by many in our community.
S.3548 “THE CARES Act”
Congress has passed and the President has signed the CARES Act as of today, Friday the 27th of March. The markets rebounded significantly in anticipation of the bill offering a respite from the downturn of the last several weeks. There is a significant amount of information in the bill and we will be doing our best to understand it over the course of the weekend. We will be providing an update on what we find relevant and timely for our clients soon. Some of the covered areas are:
- Recovery Rebates
- Retirement Plan Distribution Penalty Waivers
- Student Loan Payment Provisions
- Employee Retention Credits
- Payroll Tax Deferral
Attached is the link to the direct Senate legislation:
We are here to help you make rational, informed and well-reasoned decisions, and we thank you for your continued trust and support. Your input is always welcome, and we ask that you contact us with any questions or concerns.
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