“A new 6-month suspension period The massive economic stimulus legislation passed on March 27, 2020, in response to COVID-19 includes a new six-month automatic suspension of federal student loan payments, with no interest accruing during this period. The six-month period ends on September 30, 2020.” On March 27, 2020, Congress passed the CARES Act, the largest economic stimulus bill in the history of the United States, in response to the coronavirus pandemic.1 Included in the … [Read more...]
Government Acts to Blunt Financial Impact of Global Pandemic
“The Federal Reserve moved swiftly in recent weeks to support the U.S. economy and help alleviate stress in the financial markets.” On March 11, the novel coronavirus (COVID-19) was officially declared a global pandemic by the World Health Organization, and two days later President Trump declared a national emergency.1 The unknowns surrounding a new virus make it difficult to predict the potential human and economic toll, but unprecedented steps are being taken to help slow the spread of the … [Read more...]
Watch Out for Coronavirus Scams
“The FTC has received over 20,000 COVID-19 related complaints since January 1, 2020. Source: Federal Trade Commission, April 2020” 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 … [Read more...]
Federal Student Loan Borrowers Get Some Relief Due to COVID-19
“A 60-day period, for now…. The Department of Education may extend the 60-day interest waiver and administrative forbearance period that began on March 13, 2020, depending on the status of the COVID-19 national emergency.” On March 20, 2020, the Department of Education announced terms for student loan relief for tens of millions of borrowers in response to COVID-19.1 Here are answers to some questions about the new rules. For more information and to follow subsequent potential … [Read more...]
New Spending Package Includes Sweeping Retirement Plan Changes (SECURE Act)
“The SECURE Act may have the largest impact on retirement planning since the Pension Protection Act of 2006.” The $1.4 trillion spending package enacted on December 20, 2019, included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which had overwhelmingly passed the House of Representatives in the spring of 2019, but then subsequently stalled in the Senate. The SECURE Act represents the most sweeping set of changes to retirement legislation in more than a … [Read more...]
CARES Act Provides Relief to Individuals and Businesses
“The $2 trillion emergency relief package represents a bipartisan effort intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis.” On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Major relief provisions are … [Read more...]
Equifax Data Breach
If you were affected by the 2017 Equifax data breach you are potentially eligible for a monetary claim or credit monitoring service. The U.S. Federal Trade Commission warns everyone to be aware of scams & fake settlement websites and adds that you’ll never have to pay to file a claim for these benefits. And anyone who calls and tries to get you to file a claim is almost certainly a scammer. At this link – https://eligibility.equifaxbreachsettlement.com/en/eligibility – you can check … [Read more...]
U.S.-China Trade War: Who Pays the Price?
“Many U.S. manufacturers and importers are looking for suppliers in other countries and/or moving production out of China.” On May 13, 2019, escalating trade tensions between the United States and China sparked a worldwide stock sell-off that wiped out more than $1 trillion in global equity values.1 The markets recovered over the next three days, but tensions between the economic giants continued to drive volatility with no resolution in sight.2 Investors sometimes overreact to short-term … [Read more...]
The Future of Social Security and Medicare: Here’s What Trustees Are Projecting
“Based on the "intermediate" assumptions in this year's report, the Social Security Administration is projecting that the cost-of-living adjustment (COLA), announced in the fall of 2019, will be 1.8%. This COLA would apply to benefits starting in January 2020.” Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important … [Read more...]
2017 Year End Tax Alert
Open/Read 2017 YEAR END TAX ALERT (PDF document) … [Read more...]
