FSG Updates as of March 27, 2020

While we remain open for business, we are primarily working remotely and our office lobby is closed. If you have documents to provide, please mail them, drop them in our rear-entrance drop box or scan them to your Sharefile account. If you need help with Sharefile, please call our office (262-554-4500/phones are forwarded) and someone will provide assistance.

Scam artists are never going to let a crisis simply occur without taking advantage of the unsuspecting. There have been a new batch of cleverly disguised Coronavirus-related “offers” from scammers that have come to light recently. Among them are official looking emails directing people to click a link so they can get their government payout sooner than others, door-to-door “salesmen” posing as health care professionals offering to sell Coronavirus test kits, online offers for vaccinations, and countless calls for donations from fake charities and crowdsourcing sites. You can see a list of current scams as well as how the Federal Trade Commission is attempting to deal with the at the link below. It’s always advisable to follow the suggestions for how to avoid getting scammed in general, but with so much uncertainty around the Coronavirus, it’s a good time to refresh on ways to protect yourself.

Interpreting the Coronavirus Aid, Relief, and Economic Security Act

This is a complex and fluid subject. We’ve attempted to share some of the details as they stand right now. We’ll provide additional clarity as more becomes known.

This week, the Senate voted unanimously to approve a $2 trillion stimulus that would cut checks to individuals, expand unemployment insurance payments, and extend loans to businesses in an effort to combat COVID-19’s effect on the economy. The house is expected to pass the bill on Friday.

The stimulus provides direct payments to eligible taxpayers (defined as having a Social Security number). Taxpayers with an adjusted gross income (AGI) of

$75,000 and below will receive a credit of $1,200; married couples with an AGI of $150,000 and below will receive a credit of $2,400. In addition, individuals and couples will receive $500 per qualifying child. The credit is phased out at $99,000 for individuals and $198,000 for couples.

In addition to the credits, funds are being allocated to aid struggling industries and local governments. Unemployment benefits will be increased, self-employment taxes will be deferred, and grants will be made to hospitals and airlines.

The bill is not yet finalized. Both parties are collaborating to ensure that benefits are allocated to aid both businesses and individuals. After the announcement of the stimulus on Monday, March 23, the S&P 500

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