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The New Florida Law Imposes Restrictions On Property Acquisitions Within The State By Individuals With Affiliations To Foreign Countries Of Concern, Such As China, Russia, Venezuela, Cuba, And The Syrian Arab Republic.

Florida Law Restricting Foreign Real Estate Ownership, Deadline.

Florida Governor Ron DeSantis signed Senate Bill 264 into law on May 8, 2023, restricting foreign principals from owning, having a controlling interest in, or acquiring real property in Florida. The law defines foreign principals and identifies "foreign countries of concern," including China, Russia, and Venezuela. SB 264 imposes extensive restrictions on foreign principals owning real property, especially agricultural land, and areas near critical infrastructure. Rules published on September 20, 2023, outline procedures for property purchases near military installations or critical infrastructure. An exemption exists for agricultural land owned before July 1, 2023, but post-July 1 ownership requires registration. Legal challenges persist, and noncompliance may result in civil and criminal penalties, including a $1,000 daily fine. The law is in effect, and the deadline for compliance is December 31, 2024. For assistance, contact us at 305-831-4093 or email taxes@guillenpujol.com.
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Gov. Ron DeSantis Of Florida Spoke In Rochester, N.H., Last Month.Credit...David Degner For The New York Times

Florida’s 2023 Legislative Highlights: Law Restricting Foreign Ownership of Real Estate and more laws enacted by Gov. DeSantis

The Guillen Pujol CPA team has outlined legislative updates, particularly in taxation and economics, following Florida Governor DeSantis's approval of numerous bills in May 2023. Notable laws include CS/CS/SB 264—Interests of Foreign Countries, CS/CS/HB 1259—Education: Addressing charter school funding, CS/CS/SB 846—Agreements of Educational Entities with Foreign Entities, Tax Breaks (HB 7063)...
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Florida-Storm-Victims-Who-Qualify-for-Tax-Relief_April-18-deadline-and-other-dates-extended-to-August-15

Florida storm victims eligible for tax relief can take advantage of extended deadlines.

Florida Storm victims now have until August 15, 2023, to file various federal individual and business tax returns and make tax payments, the IRS announced Tuesday, May 2. The tax agency is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) due to tornadoes, severe storms, and flooding from April 12 to 14–individuals and households residing or owning businesses in Broward County qualify for tax relief. Other areas added later to the disaster area will also qualify for the same relief. (Click here to check the current list of eligible localities via the IRS disaster relief page)
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H.R.5376 – Inflation Reduction Act of 2022

Governor Gavin Newsom signed additional COVID-19 relief legislation this week that will provide $600 stimulus checks to the majority of his state's residents as well as additional payments to dependents, Newsweek reported. At the end of June, the Democratic governor reached an agreement with state lawmakers to approve the direct payments, as well as billions in other economic relief, according to Newsweek. 
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President Biden Signed The Inflation Reduction Act At The White House On Tuesday.

What you need to know about The Inflation Reduction Law.

After more than a year of fraught negotiations, President Joe Biden on Tuesday signed into law the Inflation Reduction Act, a long-awaited ambitous bill passed by the Democrats at the U.S. House and Senate. The historic bill will invest $370 billion in spending and tax credits in low-emission forms of energy to fight climate change, stable health care premiums for millions and significant savings on power bills for most Americans, Vox Senior Correspondent Ellen Loanes reported
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Tax Season Challenges Ahead

Tax Season Challenges Ahead.

Certified public accountants (CPAs) and other tax professionals in the U.S. are sounding the alarm about the upcoming tax season–which has been greeted with skepticism about how the IRS will deal with its continuing logistical challenges, with taxpayers and their preparers likely to experience more frustration and delays.
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TAX TELEGRAMS GUILLEN PUJOL CPAS

American Rescue Plan Act (2021) lowers filing threshold for Form 1099K, Payment Card and Third-Party Network Transactions.

he American Rescue Plan Act of 2021 (“the Act”), enacted in March 2021, dramatically lowers the filing threshold for payments required to be reported on the annual Form 1099-K from $20,000 in aggregate reportable payments and 200 transactions to just $600 in aggregate reportable payments and eliminates the transaction minimum.  This modification is effective for calendar years ending after December 31, 2021. You may see this new requirement on Section 9674 of the federal bill.
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President Joe Biden And House Speaker Nancy Pelosi Of California, Depart After A Meeting With House Democrats On Capitol Hill On Thursday. (Jabin Botsford/Washington Post

What’s in the $1.75 trillion Biden budget plan? Taxes, climate, health care, child care.

The plan includes some of Biden’s earliest policy priorities, including new spending to enhance child care and offer prekindergarten free to all American families. But it also shelved some of Democrats’ most fervent plans, including an effort to provide paid leave to millions of workers — one of many casualties in the party’s efforts to reduce its original $3.5 trillion price tag.
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New Stimulus Check If You Live In This State

Are you Eligible for this New Round of Stimulus Check?

Governor Gavin Newsom signed additional COVID-19 relief legislation this week that will provide $600 stimulus checks to the majority of his state's residents as well as additional payments to dependents, Newsweek reported. At the end of June, the Democratic governor reached an agreement with state lawmakers to approve the direct payments, as well as billions in other economic relief, according to Newsweek. 
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