Since at least mid-March, when President Trump declared a national emergency because of the coronavirus pandemic and the associated outbreak of COVID-19, Americans have been in what seems like a completely different world.
Last Thursday, President Trump unveiled the federal government’s guidelines for re-opening the U.S. economy. The plan features three stages for getting businesses and industries started up again after the nationwide lockdown because of COVID-19.
The recently passed Coronavirus Aid, Recovery, and Economic Security (CARES) Act provides some important—though temporary—advantages for retired persons and also those who may still want to support a favorite charity or nonprofit organization. Perhaps the most important thing for retirees to know is that the IRS has waived required minimum distributions (RMDs) for 2020.
In response to the economic difficulties created for small businesses by the coronavirus pandemic, Congress has passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which contains $350 billion in disaster assistance loans targeted toward small businesses by the Small Business Administration (SBA).
In response to the worldwide crisis created by the COVID-19 pandemic, last week President Trump signed the largest relief package in history: the Coronavirus Aid, Recovery, and Economic Security (CARES) Act. The vast majority of Americans will benefit directly from the $2 trillion in aid included with this bill, which includes a direct payment to most taxpayers and their families.
Estate planning—the process for how you transfer your wealth to heirs and others—can be very important for anyone who wants to be certain that their loved ones are adequately provided for and taken care of.