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Scams Abound Amid Pandemic Panic

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Sadly, as is the case in any crisis, there are those among us who are looking to capitalize on cruelty and take advantage of heightened vulnerabilities. Hackers are trying to lure victims with online scams, tempting its victims to click on COVID-19 related hyperlinks that contain malicious software and other computer viruses. In some cases, these scams look like official messages from the government and they send people to fake websites where their sensitive information can be stolen. 

The following guidelines can help you protect yourself from these digital scams and stay clear of suspicious links you may come across in your internet travels.

COVID-19 Scams, Internet Hackers, Phishing Emails

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A $10,000 Gift to Small Businesses

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All small businesses and the self-employed suffering from the pandemic should apply for this forgivable SBA Economic Injury Disaster Loan (EIDL).  Amongst the frenzy and chaos of applying for the Payroll Protection Plan most small business owners have overlooked it. You can apply for up to $2 Million, but the forgivable amount is $10,000. The application process is way simpler and best, of all, you may well qualify for both this and the PPP.  

cares act, covid-19, economic relief

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The CARES Act Signed into Law –Brings Relief to Millions of Americans

the cares act

Clients have been asking about how this complex, comprehensive new law may apply to them. Whilst not everything here may be pertinent to your situation, every client will benefit from some aspect, and the answers to the most common questions are below.

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2 trillion bill meant to impact both individuals and businesses and contains significant tax-savings measures. It could affect prior tax years while also creating immediate cash-flow.

Impact on Individuals

Stimulus Checks

Perhaps the most impactful provision for American citizens is the CARES Act’s promise of cash payments of up to $1,200 per single individual and $2,400 for a married couple. Parents will also receive an additional $500 per qualifying child. Payments are phased-out for individuals with incomes greater than $75,000 and for married couples filing jointly with income greater than $150,000 up to around $198,000 depending on household size. (Unfortunately, my 18-year-old daughter will not qualify nor will any college students aged 19-23, much to their disappointment!)

2019 Tax Returns, IRS, Tax planning, taxes

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Tax News: IRS Announces Extended Deadline for 2019 Tax Returns

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Americans Can Defer for 90 Days on their Tax Returns

As we continue to face uncertain times, the IRS has made a welcome announcement regarding our tax returns.

Treasury Secretary Steven Mnuchin has announced that the IRS has decided to extend the filing and payment deadline for 2019 tax returns, allowing taxpayers to defer until July 15. Mnuchin indicated this move will put $300 billion into the economy during a time of great economic concern over the consequences of the COVID-19 pandemic.

The payment deferment is subject to certain caps, however. Individuals may defer tax payments of up to $1 million, while corporations may defer up to $10 million. The limits were purposefully selected to benefit small businesses that report income through corporations, partnerships or other pass-through entities.

2019 Tax Returns, IRS, Tax planning, taxes

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Coronavirus: What the Viral Epidemic Means for Investors

stock chart

Last week saw the worst week on Wall Street since 2008, as the Dow fell into correction likely due to the outbreak and spread of COVID-19, commonly called novel coronavirus. A market correction is a nerve-wracking event for investors, but the current uneasiness in the markets may be no cause for panic.

Market Impact

While the spread of COVID-19 is atypical, market corrections are not. In fact, they are an entirely normal process, and not altogether unexpected after experiencing the longest-running bull market on record. There have been 22 market corrections since 1974, and they are aptly named because the market usually “corrects” itself and returns prices to their longer-term trends. While the coronavirus is likely to cause economic impact into at least the second quarter of 2020, historically, Wall Street’s reaction to these types of epidemics has been short-lived. In the recent past, the 2002 Severe Acute Respiratory Syndrome (SARS) outbreak, the 2012 Middle Eastern Respiratory Syndrome (MERS) outbreak and the 2014-2016 Ebola Virus Disease (EVD) outbreak did negatively impact economic growth and disrupt the capital markets over short time horizons of one or two years. However, these past virus-triggered market corrections indicate that economies and financial markets will not be significantly impacted over the long-term.

coronavirus, covid-19, investing, stock uncertainty

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© Wellacre Global Wealth Advisors 2020

WellAcre Global Wealth Advisors is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where WellAcre Global Wealth Advisors and its representatives are properly licensed or exempt from licensure.  This website is solely for informational purposes.  Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by WellAcre Global Wealth Advisors unless a client service agreement is in place.