The COVID-19 pandemic has spurred the most rapid deterioration in the economic environment in modern history, and the federal government has responded in equally historic fashion.
The CARES Act includes loans and tax cuts for large corporations, assistance for small businesses, loans and direct assistance for local governments, expanded unemployment benefits, education spending, and disaster assistance, among other provisions. But it also contains some key assistance for individuals, the most significant of which is the 2020 individual recovery rebate – an “advanced tax credit” that will be direct deposited in many individual’s accounts in the coming weeks or otherwise mailed as a check.
Here is a summary of the key points of the CARES Act that can help individuals weather this uncertain climate.
You can see from this general overview of the economic relief provisions of the newly enacted CARES Act that there is something here for virtually everyone. However, many rules and limits apply, so as with any situation that impacts your family’s security or your business’s longevity, you should always consult with your own financial advisors to make sure the road you take to economic recovery is the right one for you.
Brooke Zrno Grisham, ChFC®, CLU®, AEP®, is the Chief Executive Officer of The Nautilus Group®, a service of New York Life that provides exclusive support to high net worth individuals and closely held business owners in the areas of estate, insurance, retirement and business exit planning, income tax strategies, planning for families with special needs individuals, and charitable giving.
This material includes a discussion of one or more tax-related topics and was prepared to assist in the promotion or marketing of the transactions or matters addressed in this material. It is not intended (and cannot be used by any taxpayer) for the purposes of avoiding any IRS penalties that may be imposed upon the taxpayer. Nautilus, New York Life Insurance Company, its employees or agents are not in the business of providing tax, legal or accounting advice. Individuals should consult with their own tax, legal or accounting advisors before implementing any planning strategies. © 2020 New York Life Insurance Company. All rights reserved.