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2021 Child Tax Credit & Advanced Payments

Under the American Rescue Plan Act (ARPA), P.L. 117-2, the IRS must make 2021 periodic advance child tax credit payments to taxpayers up to the “annual advance amount.” These payments — up to $300 per month per child under age 6 and up to $250 per month per child age...

Tax Effects of the American Rescue Plan Act

In addition to the $1,400 stimulus payments to many Americans, the American Rescue Plan Act provides many other relief measures, and also some new business tax measures, that should be noted.CPA Practice advisor The American Rescue Plan Act of 2021 (ARPA), enacted by...

Is My Stimulus Payment Taxable?

As millions of people have received stimulus checks over the past year and start to spend their money, some wonder: Is my stimulus payment taxable? The short answer: No. In the somewhat longer words of the IRS: “No, the payment is not income and taxpayers will not owe...

Michigan Small Business Survival Grant Program

The Michigan Small Business Survival Grant will award grants up to $20,000 to eligible businesses that been closed, or up to $15,000 to eligible businesses that have been partially closed or are otherwise open.Grant funds can be used for eligible expenses including...

Highlights of the New Covid Stimulus Law

Stimulus checks are just part of it. Also: more unemployment, PPP, EIDL loans, Employee Retention Credit, EIC, CTC, Eviction moratorium, and more.Tax Practice Advisor The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 is a $900B relief package...

SBA Update for PPP Loans

SBA Update for PPP Loans

Loan Forgiveness Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released by Treasury and the U.S. Small Business Administration (SBA). A new interim final rule...

2020 Stimulus Check FAQs

2020 Stimulus Check FAQs

On March 25th, the Senate passed a $2 trillion economic rescue plan that will offer assistance to millions of American households affected by the Coronavirus. The House of Representatives is expected to follow suit on Friday to pass the bill, sending it to President...

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