Los Angeles

U.S. Treasury Department Introduces New Rules to Combat Money Laundering in Real Estate

To bolster U.S. national security and prevent illicit finance, the Treasury's Financial Crimes Enforcement Network (FinCEN) issued new rules on August 28, 2024, targeting real estate money laundering and strengthening anti-money laundering requirements for investment advisers. By closing loopholes exploited by criminals to conceal dirty money, these rules mandate more stringent reporting and record-keeping for certain real estate transactions and require investment advisers to establish robust anti-money laundering programs. Learn more about these crucial changes and their impact on your sector here.
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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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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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President Joe Biden unveiled on Thursday, October 28th, a $1.75 trillion new proposal that includes money for the country's child care, health care, climate, education, and tax laws.

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

President Biden unveiled a revised $1.75 trillion proposal on October 28, 2021, focusing on key priorities such as child care, health care, climate action, education, and tax reform. The plan includes significant investments like universal prekindergarten for all three- and four-year-olds, expanded Medicare benefits, and substantial tax credits for clean energy. However, to reduce the original $3.5 trillion price tag, several provisions were cut, including paid family leave, comprehensive clean energy measures, and a billionaires' tax. Despite these compromises, the proposal represents a substantial effort to reshape the U.S. economy and address pressing social and environmental issues.
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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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