Congress

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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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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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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