Barnes Walker Law Firm | Sarasota, Bradenton, Palmetto, Manatee County FL
The market can be volatile, but don’t panic … it’s not time to be a gambler. While you may be tempted to sell off your assets after watching the market go down one day and up the next, resisting the urge to panic will likely serve you best in the long run.
With businesses closing, people working from home, and stock prices falling, the Coronavirus (COVID-19) is having a real financial impact on American citizens and their businesses. In the midst of loss-causing closures, businesses may need to file claims with their property insurance carriers. If your business faces closure, and you plan to file a claim with your property insurance carrier, whether your specific losses will be covered will depend on the law in your jurisdiction and the specific language of various provisions of your insurance policy. However, in general, there are several types of coverage that may be implicated by a business closure, including coverage for physical property loss or damage, business interruption coverage, environmental coverage, and business travel accident coverage.
In times of confusion and uncertainty, it’s important to find a good source for information. I’ve received many summaries from various sources about the effect of IRS Notice 2020-18, which delayed some, but not all, tax filing deadlines. For those of us in planning and estate administration, the deadlines for gift and estate tax returns are not extended, but the deadline for Form 1041 (Income Tax Returns for Estates and Trusts) is extended.
