Blog Archives

COVID-19 Donation

5/20/2020

As president of the B/CS Aggie Quarterback Club, Brien helped deliver the donation for the COVID-19 Charity Fund.

CARES Act -

The Coronavirus Aid, Relief and Economic Security (CARES) Act is an estimated $2 trillion federal relief package designed to combat the harmful economic effects of the COVID-19 pandemic.

INDIVIDUALS -

For retirement savers who need to tap tax-deferred savings
- Waives 1% early-withdrawal penalty
- Can spread income tax payments over the next 3 years
- Withdrawals can be repaid to the retirement account within 3 years of the distribution
- Not subject to 20% tax withholding
For retirement savers who prefer to delay distributions this year, required minimum distributions (RMDs) are suspended in 2020 for retirement account owners and beneficiaries.
- This applies to traditional, Roth, SEP and SIMPLE individual retirement accounts, as well as 401(k), 403(b) and governmental 457(b) plans
- Have until the end of 2021 to start taking distributions
- Those who have taken an RMD in the past 60 days may have the option to undo it.
Retirement accounts that are currently subject to the five-year rule following the account owner’s death may skip counting 2020 among the five years.

SMALL BUSINESSES -

Businesses with fewer than 500 employees — including sole proprietors, independent contractors, “gig economy” workers and anyone otherwise self-employed — can apply for loans of up to $10 million, or 2.5 times total payroll expenses for the loan period.
- Those who are able to access funds can use them to help pay for payroll costs and other expenses, such as mortgage payments, rent, utilities and other debt service from February 15 to June 30.
- At least 75% of the loan must be payroll and payroll costs (salary, wages, commissions, and tips)
- Capped at $100,000 for each employee.
- The portion of the Paycheck Protection Program Loan that was used for the first eight weeks of payroll costs, interest on mortgage obligations, rent, and utilities is eligible for permanent forgiveness.
- 501(c)(3) charitable organizations with fewer than 500 workers can qualify as well. All entities must have been in operation as of February 15, 2020.
Expansion of the SBA Disaster Loan Program
- This expansion enables sole proprietors to access disaster loans and enables them to receive a working capital loan to overcome the temporary loss of revenue.
The employer’s portion of Social Security payroll tax payable in 2020 may be deferred until January 1, 2021, with the first half of the deferred 2020 payment due at the end of 2021 and the second half due at the end of 2022.
Employers may be eligible for up to one year of credit against the employer’s 6.2% share of Social Security tax for a business that is fully or partially suspended due to government orders, or where revenue in a quarter in 2020 is less than 50% of the revenue in the same quarter last year.

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Congrats to Madison & Meredith!

5/11/2020

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We are so proud of our Texas A&M Graduates, Madison and Meredith! It was not the way they wanted to leave TAMU, but they handled it with such resilience working hard from home for Traditions Wealth Advisors while studying through online classes to finish up their degrees during a pandemic. Thank you for all you have accomplished for the TWA clients and staff! You will be missed, but good luck in your next adventure! Madison will be moving to the Woodlands to work for PPC Loan as a closing coordinator. Meredith will continue to work for TWA full time while she finalizes her next steps. Congrats class of 2020, whoop!

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Market Commentary Q1 2020

5/4/2020

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Traditions Wealth Advisors—Market Commentary- Q1, 2020

The Coronavirus has left no person unaffected by its incredible suffering and loss of lives. While it is easy to be consumed by negativity, we remain positive. We have seen our government utilizing both monetary and fiscal policy to a capacity never seen before.

Washington has passed the largest economic stimulus package in history and stands
ready to stimulate more.
The Federal Reserve has cut short-term interest rates to zero and has implemented it’s largest and most comprehensive asset purchasing program ever.
Modern medicine and human ingenuity will likely help save many lives and eventually find a vaccine.
Humanity has pulled out all of the stops to defeat the Coronavirus, and we shall prevail.

Some doomsayers are forecasting a depression. It is said that in the 1930’s Roosevelt willingly experimented with economic policy which probably did more to lengthen the depression than to halt it. Some of the policies created were:

The Fed tightened monetary conditions
Income taxes were increased on corporations and individuals
The federal government regulations increased meaningfully

The policies made during the Great Depression were indeed a mistake. Three for three as far as policy mistakes are concerned. Today, monetary and fiscal policymakers are obviously not making the same mistakes as those made in the 1930’s.

Historically, large stock selloffs as recently experienced have presented buying opportunities for serious long-term investors. Remember that short-term fluctuations are meaningless. Today, insider buying is at levels not seen since 2008-2009.

We remain optimistic. Long-term investors have always been rewarded by taking advantage of buying opportunities when others are fearful. And although this pandemic is horrendous, never underestimate the power of prayer.

Traditions Wealth Advisors is here for you. We will slowly be coming back to the office next week, but only 1 or 2 of us in the office at a time, while most employees will be working from home. We look forward to hearing from you.

Brien, Sarah and Michael

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COVID-19 Donation

CARES Act

Congrats to Madison & Meredith!

Market Commentary Q1 2020

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Let our team work for you. Call 979-694-9100 or
email [email protected]

COVID-19 Donation

CARES Act

Congrats to Madison & Meredith!

Market Commentary Q1 2020

Archives

Categories

Let our team work for you. Call 979-694-9100 oremail [email protected]

Let our team work for you. Call 979-694-9100 or
email [email protected]