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OVERSEAS U.S. CITIZENS AND GREEN CARD HOLDERS: NEW IRS ENFORCEMENT IN 2024 INCREASES TAX COMPLIANCE PRESSURE

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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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 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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