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Cares Act

The 3 Key Provisions & What You Need to Know

The recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act is the largest stimulus package in our nation's history. It consists of three key provisions designed to support individual Americans and our economy. 

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COVID-19 Preparedness

Avoiding COVID-19 Scams

Scammers, fraudsters, and other criminals are taking advantage of rapidly changing data and facts associated with COVID-19, both in the workplace and in our homes. Government agencies, corporations, and news outlets continue to warn individuals to be mindful of increased fraudulent activities during these uncertain times. 

These scams, which can be sent via email, text message, and social media claim to provide COVID-19 updates, sell products, ask for charitable donations, or reference government aid packages. These messages appear to be legitimate in nature but seek to fraudulently obtain personal information, financial gain, and create panic. Use these tips to identify and avoid scams:

  • Watch for emails claiming to be from the Centers for Disease Control and Prevention (CDC) or experts claiming to have inside information on the virus. There are currently no vaccines, potions, lozenges, or other prescriptions available online or in-store to treat or cure COVID-19. 
  • Do your homework prior to donating to charities or crowdfunding sites. Confirm the validity of the organization as fraudsters are now advertising fake charities. Do not let anyone rush you into a donation, particularly those who ask for cash, gift cards, or wiring of funds. 
  • Do not click on links or open attachments from sources you do not know. Cybercriminals are using the COVID-19 headline as a tactic to spread viruses and steal information. Do not provide personal information, payment information or sensitive workplace information via suspicious email addresses. 
  • Be suspicious of urgent demands and emergency requests. The health and safety of you and your family is the top priority. Do not fall for scammers threatening fees or fines, cancelled deliveries, and health concerns in exchange for financial gain. 
  • If it sounds too good to be true, it likely is. Many individuals have begun to receive robo-calls and social media requests for social security numbers, banking information, and gift cards. Scammers promise high paying work from home opportunities, free sanitation and cleaning, as well as COVID-19 protection in exchange for payment and sensitive information. 
  • Be mindful of scammers using government aid packages for criminal gain. Lawmakers have announced plans to send Americans checks to assist with the financial burden of the virus, with details still in discussion. The government will not request payment, nor will anyone reach out requesting personally sensitive health or financial information in exchange for financial support. 
  • Obtain your news from a trusted source. Be mindful of text message scams, social media polls and fraudulent email accounts sharing false information to create panic. Before acting on information, review its source and check a trusted news outlet to confirm its validity. 

When in doubt, ask a coworker, family member, or friend for their opinion. Two sets of eyes are better than one. If you believe you have fallen victim of a scam, call your local police at their non-emergency number and consider reporting to the FBI’s IC3 Internet Crime Database. 

IRS Filing & Payment Deadline Extended to July 15, 2020

updates on federal income taxes and Required minimum distributions

In Notice 2020-18, the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency.

Any person with a Federal income tax return or payment due on April 15, 2020, will not need to file or pay until July 15, 2020. This includes any type of taxpayer, such as an individual, a trust, an estate, a corporation, or any type of unincorporated business entity.

The return or payment must be due on April 15, 2020 – this relief does not apply to Federal income tax returns and payments due on any other date.

This also gives you more time to contribute money to your IRA for 2019, which can be made any time until the due date for filing your return that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. For more details on IRA contributions, see Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

This applies only to federal income tax filings. State filings and payment deadlines vary by state and may be different than the federal deadlines. More information is available at

For more information, please see the IRS Filing and Payment Deadlines Questions and Answers page, and consult your tax professional for any specific tax questions.

Additionally, the CARES Act was signed into law last week and makes some provisions for retirement plans and accounts. Specifically, it waves Required Minimum Distributions (RMDs) for the calendar year 2020 for IRAs, 401(k) plans, section 403(b) plans, and section 457 plans.

There are also coronavirus-related distributions permitted without penalty for those who have been, or whose spouse or dependent has been diagnosed with the virus and have experienced certain adverse financial consequences as a result. Plan loans have also been broadened for 180 days beginning on the date of the Act to a maximum of $100,000 instead of $50,000 and an account balance limit of 100% instead of 50%.

Important Customer Information

Securities and Advisory Services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Investment advice offered through Goss Advisors, a registered investment advisor. Goss Advisors and Planningteam Financial Advisors are separate entities from LPL Financial.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AZ, CA, CO, MN, ND, NV, SD & TX.