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Newsletter - 04/13/2020

| April 13, 2020

Dear Customer,

 

Happy Easter and Happy Passover to everyone.  I hope that everyone is staying safe and healthy.  Below are some updates that I want to make you aware of;

 

MFS

  • Our office doors may be locked, but the MFS team continues to work remotely from their homes until further notice.
  • We continue to have our originally scheduled customer meetings.  The meetings are now virtual, utilizing; screen sharing, e-signature, video conferencing and conference calling.
  • We continue to invest in technology to ensure that we can always deliver the same level of service to our customers whether in person or virtually.

 

Individuals

  • If you are eligible for a stimulus check, they will begin to be distributed this week.  If the IRS has your banking information, the deposit will be made to that account.  If the IRS does not have your bank account information, you will be mailed a paper check.
  • Under the newly enacted CARES Act, we are identifying new planning opportunities.
    • With the temporary waiver of RMD’s for 2020 and the lower priced stock market, we see opportunities for increased Roth IRA conversion planning
    • More income tax deferral as a result of the repeal of the the age limitation for Traditional IRA contributions
    • Additional Roth IRA conversion planning surrounding the increase in the beginning date for RMD’s for Traditional IRA’s

 

Businesses

  • We have been working with various banks to submit applications for the Paycheck Protection Program (PPP).  We have seen the banks, especially Huntington National Bank, pushing these loans through the SBA process.
  • After we have submitted applications for the PPP for our business customers, we will also assess if there are any additional programs that may be beneficial to apply for.
  • The Ohio Bureau of Workers’ Compensation (BWC) will be sending out another round of rebate to employers. In the next couple of weeks, the BWC will begin sending out checks equal to 88 percent of an employer’s 2018 premium.

 

I’ll be in touch next week with additional updates.  Stay safe and healthy!

Vince