Among the challenges created by the COVID-19 pandemic, one major concern was that widespread unemployment would lead to large health insurance losses during the public health crisis. In this context, the Biden-Harris administration has taken multiple initiatives to protect and expand coverage in 2021...
All defendants falsely certified that they had dozens of employees and hundreds of thousands of dollars in monthly payroll expenses, but actually had shell companies with no legitimate staff and zero payroll expenses. All of them also admitted to spending the money they received from the Paycheck P...
How this rule impacts an employer’s ability to use accrued Employee Retention Credits to offset first quarter payroll tax deposits is not entirely clear (as discussed further below). As with all aspects of Federal COVID-19 relief, guidance on claiming federal tax credits and deferring payr...
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We tried the temporary payroll-tax cut idea in the slow growth Obama era, reducing the worker portion of the levy to 4.2% from 6.2% of salary. It took effect in January 2011, but the unemployment rate stayed above 9% for most of the rest of that year. Temporary tax cuts put more ...
The U.S. federal funds effective rate underwent a dramatic reduction in early 2020 in response to the COVID-19 pandemic. The rate plummeted from 1.58 percent in February 2020 to 0.65 percent in March, and further decreased to 0.05 percent in April. This sharp reduction, accompanied by the ...
For example, major economic disruptions such as the Great Recession and Covid-19 pandemic saw major declines in the federal funds rate as the Fed took action to stabilize and stimulate the economy. On the other hand, the Fed dramatically increased the fed funds rate in 2022 and 2023 as it...
16 Then, as the economy began to recover from the downturn induced by COVID-19, inflation rates skyrocketed, which required another forceful reaction from the Fed. Beginning in March 2022, Powell presided over 10 consecutive hikes in the federal funds rate aimed at tamping down the rate of ...