The Week Ahead
Your Weekly News and Updates
July 7, 2020
It’s going to be quite a while before anyone sees “Hamilton” onstage again. But there’s now another option: Disney Plus started streaming a filmed version of the stage production on July 3.
The plan was a pandemic-prompted shift: Just three months ago, Disney announced that it was preparing the film for release on October 15, 2021.
July 2020 Client Letter: A Bounce in Economic Activity and COVID-19 Cases
Last month, I entitled June’s letter to you “The Approaching Light Before the Dawn.” Much of the economic data at that time was extremely negative, with record declines in employment (U.S. BLS employment data) and consumer spending (U.S. BEA). The speed of the decline had no modern precedent. With government-imposed lockdowns and business closures, companies furloughed employees at a furious and painful pace. It is difficult to express in words, but it has been disheartening to see friends and family members sidelined from the workforce….Read More
IRS Guidance on Waiver of 2020 RMDs — IRS Allows January RMDs to be Paid Back to Retirement Account by August 31, 2020
As we have previously discussed, the CARES Act eliminated required minimum distributions for 2020 in light of the coronavirus pandemic. However, for those who took RMDs early in the year, many did not qualify for what is called a 60-day rollover, which allows individuals to withdraw from one retirement account and place it into another.
This created a situation where you took an RMD but had no way to return the funds, even though RMDs were no longer required. Especially for those that took distributions in January, there were limited options until this week. The IRS provided guidance recently with some big news: The 60-day rollover period for 2020 RMDs has been extended to August 31, 2020, including any RMDs taken in January.
REGISTER FOR OUR NEXT PROSPECTIVE CLIENT WEBINAR
July 23rd, 2020 at 4:15pm
You won’t want to miss this!
10 Things You Should Be Doing For Your Portfolios – With Market and COVID-19 Updates
This Webinar is designed for prospective clients but all are invited!
Register for our webinar to learn the top 10 things you should be doing for your portfolios!
- Find out what Taylor Financial Group provides to our clients, which sets us apart from other firms
- Find out how we help our clients pursue their life long dreams.
- Stay informed on the stock market and the economy and what is coming next
- Learn how to navigate market volatility when it comes to your portfolio and ways to help profit from it
- Hear Debra Taylor, Founder and Wealth Advisor, share stories on how she has helped clients for over 20 years manage their wealth and try to help them come out ahead in turbulent markets
Every week, we will provide you with an updated COVID-19 Index that uses stoplights to indicate the financial stress on our health, economy and markets. It reviews the critical data points and addresses where we are and then provides an Overall Assessment.
FILE YOUR TAXES AND FUND YOUR IRAS BEFORE JULY 15
The filing and tax payment deadlines have been extended from April 15 to July 15, 2020. You also have until July 15, 2020 to contribute to your 2019 IRA. If you have already filed your 2019 returns, click here for information on how to send them to us.
Article Provided by Taylor Financial Group, LLC
Wall Street Journal Article Provided by Taylor Financial Group, LLC
HEALTH AND WELLNESS
Article from Politico, Provided by Taylor Financial Group, LLC
CURRENT STATE OF THE MARKET
Published by The Carson Group, LLC
Quote of the week:
“Service is the rent we pay to be living. It is the very purpose of life and not something you do in your spare time.”– Marion Wright Edelman –
Tip of the week:
Sell old stuff to fund a new experience. Sell what you don’t need online and use the proceeds to fully fund your new adventure.
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