Accounting

Overseas U.S. Citizens and Green Card Holders: New IRS Enforcement in 2024 Increases Tax Compliance Pressure

Ensuring Tax Compliance for U.S. Citizens and Green Card Holders Overseas As a U.S. citizen or green card holder living abroad, staying compliant with U.S. tax laws is crucial. With the IRS's renewed enforcement programs in 2024, high-income taxpayers with foreign financial interests face increased scrutiny. Learn how to navigate these complexities, avoid severe penalties, and stay informed about your obligations. Our expert team at Guillen Pujol CPAs specializes in resolving complex tax issues for clients worldwide, ensuring the best possible protection and results.
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Deadline: FL Law Restricting Foreign Real Estate Ownership.

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 FL. 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 [email protected].
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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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U.S. Congress

What you need to know about The Inflation Reduction Law.

After more than a year of fraught negotiations, President Joe Biden signed the Inflation Reduction Act into law on Tuesday, a long-awaited ambitious bill passed by the Democrats in the U.S. House and Senate. This historic legislation will invest $370 billion in spending and tax credits for low-emission energy forms to fight climate change, stabilize health care premiums for millions, and provide significant savings on power bills for most Americans, as reported by Vox Senior Correspondent Ellen Loanes. Learn how this landmark legislation aims to fight climate change, reduce prescription drug costs, and introduce a 15% minimum corporate tax rate. Discover the impact on U.S. companies, small businesses, and the federal budget deficit. Find out how the Act's provisions, including expanded tax credits and IRS funding, could shape the economic landscape and your financial future. Stay informed with GPCPAs' #TaxTelegram.
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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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