Market changes in the past few weeks have been dramatic. These changes are sure to have huge impacts to retirement saving and investments all over the World and in the U.S.
Recent indicators, suggest these recent "panic in the markets" are due to what is commonly referred to as a "black swan event."
This is term is used to imply a "unpredictable condition" which impacts investment markets all over the world, including the U.S, due to a unforeseen event.
The event causing this downturn in the market is due to the Corona Virus 19 pandemic scare.
The last time a market condition that affected the Dow Jones Avg this much was in 2007.
Regardless of your personal views on the subject of the Corona Virus 19, if history has taught anything, once the sell off or market scare starts, it difficult to stop.
As such, I am highly recommending my tax clients to file their tax returns as soon as possible, to ensure IRS compliance is met for 2019, and to avoid delaying.
I further suggest resolving IRS issues you may be experiencing in the event the recent market events continue. The IRS may become more difficult to deal with when the federal government moves into collection action, especially during periods of economic uncertainty.
This newsletter is not meant to alarm you, but rather, inform its readers to manage these issues ASAP, so in the event, if long term reciprocal action is taken by the federal government to stabilize markets (as was done during the 2007 & 2008 Market crash) are necessary, your tax issues will be a closed matter.
My team is available to answer any of your tax related questions at 210-714-8299 ext 1, Monday - Saturday, from 10 am to 7 pm.