Michigan Unemployment Update – July 2021

Work Search Requirement Reinstated As of May 30, 2021, the Unemployment Insurance Agency (UIA) has reinstated work search requirements for unemployment benefits claimants. The requirement to search for work in order to receive unemployment benefits had been suspended...

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...