Tax Deadlines
If there was ever going to be a bright spot during this craziness, we’re very happy that it will come in the form of a tax relief. Following the President’s emergency declaration, the IRS announced last week that the deadline to file your taxes has been extended from April 15th to July 15th, allowing taxpayers to defer federal income tax payments within the same time frame. While this may seem like a small victory to some, millions of Americans just felt an enormous weight lift off their shoulders. Although if you’re owed a refund, the IRS is encouraging you to file as soon as possible. Additionally, our government is working to push through a stimulus plan that will also help Americans breathe a little easier as we maneuver our way through this unprecedented time.
Two weeks ago, we wrote about one of the worst weeks in history for the stock market. This week, we saw one of the greatest rallies in history for the stock market, with both the Dow Industrial and S&P 500 surging more than 20% between Monday’s open and Thursday’s close. However, at the time of this writing, the S&P and the Dow are down 4 and 5%, respectively. As your trusted advisors, we are ready to address this unprecedented volatility- please know that more than anything, we appreciate our clients’ confidence in us as we continue to move forward. We understand this is a stressful time and are more than happy to discuss any concerns or questions you may have.
Stay tuned next week for our Q1 2020 Economic Market and Perspective, where we will shed some more light on one of the most volatile and revolutionary quarters in market history.
