Updated: April 15, 2020
Taylor Financial Group, LLC.
Addressing The CARES Act
and How it Impacts You!
Good Afternoon,
On Friday, March 27th, the President signed into law the
CARES Act
, a $2 Trillion stimulus package intended to combat the severe economic damage caused by the coronavirus pandemic.
The CARES Act includes provisions intended to help individuals and small businesses.
The following resources are intended to provide general information to you about the main programs for individuals and small businesses.
We understand how daunting this time is for the world and we are trying to provide you with helpful information during this time. Let us know if there is anything we can do to help you or your family.
As we continue to review the CARES Act and as more information is provided by other sources, we will continue to update you.
Webinars
These are unprecedented times to be a business owner, and the government has stepped in to provide support through the CARES Act. But navigating the complexities of the new law isn’t simple. Learn more in Carson's “Everything Business Owners Need to Know About the CARES Act” webinar,
by clicking here.
Short Videos
Click on the links below to access the video
Free Guides
Carson released a free guide to help you understand how the CARES Act impacts you – and how it’s shaped to help the overall economy, including:
- How the cash payment to individual Americans will work
- The new programs aimed at helping small businesses
- The opportunities introduced for retirement planning
- The pause on payments for federal student loans
- And more!
Our partners at Carson created a guide on the “Four Ways the CARES Act Can Help Your Business.” Each provision has its own purpose, and if you utilize some areas, you may not be eligible for others. So take note of what each provision offers to determine which is right for your business.
Click here for the guide
Other Resources
For Individuals:
Watch Jamie Hopkins discuss how the CARES Act can affect you in a short video
here
.
IRS Extension:
As we've mentioned in previous newsletters, the IRS has extended the 2019 tax filing deadline. As part of this extension, the 2019 IRA and HSA contribution deadlines have been moved from April 15, 2020 to July 15, 2020.
This notice
provides operational guidelines for processing 2019 IRA and HSA contributions. The same processes outlined in Important Notice 20-68 can be followed.
Impact of CARES Act on IRAs:
On March 27, 2020, the CARES Act, the third COVID-19 relief bill, was signed into law. The details provided in
this document
are to help address the current, most common questions being raised for IRA clients. What is provided in this note is based on the most current information available.
For Small Businesses:
Many of our clients are small business owners who may need help deciphering some of the CARES Act provisions. It’s important that we help you be proactive to get ahead on the applications.
Click here for more information.
In case you missed it, the U.S. Chamber of Commerce released a small business guide and checklist for business owners. This resource will answer many of your questions on the CARES Act and how to move forward as a small business owner. If you would like a copy of this guide and checklist please
click here
to view the document.
Watch Jamie Hopkins discuss how the CARES Act can affect you as a small business owner in a short video
here.
As always, we are here to help you and your families. Please reach out to us if you have any questions.
This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
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Debra Taylor, CPA/PFS, JD, CDFA
Wealth Manager
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Taylor Financial Group, LLC
795 Franklin Avenue
Building C, Suite 202
Franklin Lakes, NJ 07417
T. 201-891-1130
F. 201-891-1136
STAY CONNECTED
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