April 1, 2020
TO HELP TAXPAYERS WEATHER THE ECONOMIC IMPACT of the coronavirus, the IRS has postponed the traditional April 15 federal income tax filing and payment deadline by three months to July 15. “During the three-month postponement, taxpayers won’t be subject to interest or penalties for filing after April 15,” says Mitchell Drossman, National Director of Wealth Planning Strategies for the Chief Investment Office of Merrill and Bank of America Private Bank.
A recent report by the Chief Investment Office, “Tax Alert 2020-02: Tax Payment and Filing Deadlines Postponed in Response to Pandemic,” answers some key questions you may have about the extension and your personal taxes. The IRS continues to issue guidance on taxpayer relief, so please check with the IRS’s Filing and Payment Deadlines Q&A site for the very latest information. As always, it’s best to consult your tax advisor for guidance on...
April 1, 2020
TO HELP TAXPAYERS WEATHER THE ECONOMIC IMPACT of the coronavirus, the IRS has postponed the traditional April 15 federal income tax filing and payment deadline by three months to July 15. “During the three-month postponement, taxpayers won’t be subject to interest or penalties for filing after April 15,” says Mitchell Drossman, National Director of Wealth Planning Strategies for the Chief Investment Office of Merrill and Bank of America Private Bank.
A recent report by the Chief Investment Office, “Tax Alert 2020-02: Tax Payment and Filing Deadlines Postponed in Response to Pandemic,” answers some key questions you may have about the extension and your personal taxes. The IRS continues to issue guidance on taxpayer relief, so please check with the IRS’s Filing and Payment Deadlines Q&A site for the very latest information. As always, it’s best to consult your tax advisor for guidance on...
June 26, 2020
HISTORIC VOLATILITY BROUGHT AN 11-YEAR BULL MARKET to an end in March,1 but 2020 could mark the beginning of a new one. That’s not as counterintuitive as it may sound, says Niladri Mukherjee, head of CIO Portfolio Strategy, Chief Investment Office, Merrill and Bank of America Private Bank. “New bull markets are born from the depths of despair, when it seems that all hope is lost.”
While millions remain unemployed and the coronavirus has yet to be eradicated, the economy offers reasons for encouragement. “May retail sales, released this week, were up 17.7% from April, much higher than the expected 8.8%,” says Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank. “Homebuilder sentiment posted its biggest monthly gain ever and manufacturing numbers are consistently moving up.”
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