With COVID-19 cases trending back up across the country, stimulus talks still ongoing, and an election just a couple of weeks away, it might feel like 2020 is the year that will never end. There is plenty of negativity to be found in the world right now, but not if you look at recent performance in the investment markets.
2020 has been a unique year in many ways. In the tax world, there have been constantly changing deadlines, new tax laws, and one-time changes to existing rules. We’ve been busy keeping up with all these changes and thinking about the tax planning opportunities they created for our clients.
Tax laws change so frequently it can be hard to keep up with everything. There have been a number of notable announcements recently so we thought we’d summarize some of the important ones here. This article covers the latest updates on the next stimulus bill, Joe Biden's tax policy proposal, President Trump's recent remarks on potential tax cuts and the payroll tax holiday.
I truly believe that difficult situations can lead to our greatest strengths. We learn more about ourselves through adversity than we do when things are easy. I know Chase, and the entire class of 2020, will prove these maxims to be true in the future. Their lives have been altered in ways we can’t yet understand, but they will come out stronger in the end. For those heading off to college, the adversity isn’t over yet. Freshman year of college for them will look nothing like it has for prior students. More challenges await, but I know they can be overcome.
Many of you are likely wondering how the markets managed to bounce back so quickly, when our lives still haven’t even come close to getting back to normal. There is never a simple explanation for why the market does what it does. “The market” isn’t one person's decision on what should happen next, it’s a collection of millions of market participants, all with their own thoughts, opinions and goals. Rather than try to identify what caused the market rally, let’s look at some of the factors that likely had an impact.
To say that 2020 has been a strange year would be a wild understatement. Never before have we been finalizing tax returns and extension calculations in mid-July. With all the changes implemented this year in light of the COVID-19 pandemic, we wanted to provide a quick summary of what is due on July 15th, 2020