The COVID-19 pandemic has had a predictably significant impact on economic activity around the globe. While the general consensus suggests that the duration of the actual recession may be brief, it is much too early to know the true shape of the recovery. However, the economy will recover, as it has in even more challenging situations.
Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers' heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on the surge of coronavirus scams and how consumers can protect themselves. Here are some of the more prevalent coronavirus scams that consumers need to watch out for.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This $2 trillion emergency relief package represents a bipartisan effort to assist both individuals and businesses in the ongoing coronavirus pandemic and accompanying economic crisis. The CARES Act provisions for retirement plan relief for individuals under federal tax law are discussed here.
Since the turn of the millennium, the market's negative response to health crises has been relatively short-lived. As this table shows, approximately six months after early reports of a major outbreak, the S&P 500 bounced back by an average of 10.47%. After 12 months, it rebounded by an average of 17.17%. Although there are no guarantees the current situation will follow a similar pattern, it may be reassuring to know that over even longer periods of time, stocks typically regain their upward trajectory, helping long-term investors who hold steady to recoup their temporary losses, catch their breath, and go on to pursue their goals.
Due to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from Wednesday, April 15, 2020, to Wednesday, July 15, 2020. No interest, penalties, or additions to tax will be incurred by taxpayers during this 90-day relief period for any return or payment postponed under this relief provision.
Whether at home, work or on a cell phone, it's a scenario many Americans have found themselves in: answering a phone call only to find out it's from an unwanted robocaller. Fortunately, consumers have won additional protections against unwanted robocalls under recent legislation, the Telephone Robocall Abuse Criminal Enforcement and Deterrence (TRACED) Act.
Basepoint Wealth is excited to continue our mission to provide comprehensive financial planning, investment management advice, and tax preparation services. We will be working with AccounTax Solutions, LLC & Allen Accounting Services, PLC again to provide tax preparation services to our clients for 2019 federal and state income tax returns.
From the October 7, 2019 edition of the Corridor Business Journal. "Why use math when commonsense will do?" A feature on Basepoint Wealth, the vision behind the launch and growth of the company.
Under the new law, consumers are now allowed to "freeze" and "unfreeze" their credit reports free of charge at all three of the major credit reporting bureaus, Equifax, Experian, and TransUnion.
When making charitable gifts at the end of a year, it is generally useful to include them as part of your year-end tax planning. Changes to the tax code in 2018 may impact traditional charitable giving scenarios.
Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period is your opportunity to switch Medicare health and prescription drug plans to better suit your needs. Your Advisor can help!
Did you know, the BasepointWealth client website includes a free "Data Aggregator". This means that, in addition to keeping up to date with your accounts managed by Basepoint Wealth, you can securely connect nearly any financial account from any institution to your Client Website.
Most Americans will receive Social Security and Medicare benefits at some point in their lives. For this reason, each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy annual reports to Congress that assess the health of these important programs.
To help prevent fraud and fight identity theft, Medicare is removing Social Security Numbers from Medicare cards. Your new card will have a new Medicare Number that's unique to you.
We’re updating the mobile version of the Client Website to include the same features you love from the desktop version—making your entire financial picture available on-the-go.