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We received the first and second PPP based on 2020 and 2019 income lost. Then we received the ERC for 3rd and 4th qtr 2021. Since the law changed does my organization qualify to file the first 2 quarters of 2021, Even though we received PPP for 1st qtr 2021?

I would consider renouncing, not for tax reasons, but for moral reasons: my country, the USA, has killed tens of millions of innocent people since the end of WW2, and made multiples more crippled and homeless. These are people who have never harmed the US, people who live in countries that do not want to be governed by the US. They were Iranians, Guatemalans, Chileans, Vietnamese, Iraqis, Afghans, Cubans, Venezuelans, Nicaraguans, and many others. I am ashamed of what my country has done and is now doing. I am ashamed of my country's meddling in Ukraine and Taiwan. I am almost 90 years old, born in New York City in 1932.

A lot of Americans are becoming PT's: PRIOR TAXPAYERS because of DRACONIAN TAXATION of the US by relinquishing US CITIZENSHIP - The list includes UPPER MIDDLE CLASS AMERICANS and Newly RETIRED AMERICANS moving out of The US!

Do I count as an employee of my business in regards to credit for my income?

It's being a year since this video was posted and we have noted that Biden's tax proposals have not gone anywhere, at least not yet. I am a retired Puerto Rican CPA who would like to add more context and a historical perspective to the case of Puerto Rico's tax incentives. In the year 1900 the U.S. Congress passed the Foraker Act to give Puerto Rico a civilian type of government after being on military rule from 1898, when Spain ceded the island to the United States. Section 14 of that law specifically exempted all Puerto Rican sourced income from federal income tax laws. In my opinion, the reason why Puerto Rico was exempted was based on the principle of no representation, no taxation, which was one of the reasons for the American war of independence in 1776. In the year 1917, the Jones Act passed by the U.S. Congress expanded Puerto Rico's legislative body, gave U.S. citizenship to Puerto Ricans, and validated the continuation of exempting Puerto Rico from federal income tax laws. Additionally, it gave exemption to Puerto Rican bonds from federal, state, and local taxes regardless of where the bondholder resides. The Puerto Rico Federal Relations Act of 1950 (Law 600) authorized Puerto Rico to write a constitution and thus enable Puerto Rico to organize a local government comparable to those of the states. This law also validated the continuation of the Jones Act, though repealing some of its provisions. I want to mention that the Constitution of Puerto Rico was modeled from the Jones Act of 1917, as both documents look pretty similar in content. These three laws, Foraker, Jones and Law 600 cover the main actions of the U.S. Congress with respect to Puerto Rico. I don't know when Congress passed Section 933 of the Internal Revenue Code, but this section specifically adopted the continuation of exempting Puerto Rico's sourced income from federal taxation as originally enacted in the year 1900. There's a long history of the U.S. Congress giving Puerto Rico exemption from federal income taxation, likely from the concept of no representation, no taxation. Therefore, until Puerto Rico becomes a state, this exemption will most likely survive, even with the Biden's global minimum tax proposal. For more than 100 years, Puerto Rican sourced income, including that from local businesses and corporations, have been untouched by the IRS. If that minimum global taxation would apply to Puerto Rico, it would be a totally game changer for the islanders. Rather than bring us closer to statehood, I think the reaction would be like the 13 American colonies had. Now, about Puerto Rico becoming a state, that's a subject that brings a lot of discussion and heat in the island, also with a long history. The pro-independence and pro-statehood groups go back to 1898, when we became a non-incorporated territory of the USA. The group I call the autonomists, were born with the constitution of the island in 1952 believing they were a "nation" associated with the USA. No question that Puerto Ricans have over 400 years of Spanish background imbedded in their culture, which gives them pride and a high sense of belonging to the island. However, the political party promoting the constitution and the Commonwealth status in 1952, translated the name of commonwealth in Spanish to Estado Libre Asociado, in English "free-associated state". It's ambiguous and, still today, generates legal discussion as to whether the commonwealth was a compact between Puerto Rico and the United States. The autonomists, as well as the pro-statehood group, love their American citizenship, but the autonomists want Puerto Rico to have more autonomy, like a country. Even after the Committee of Resources of the House of Representatives in the year 2000 told the autonomists that it would be unconstitutional to give Puerto Rico the status of foreign country keeping U.S. citizenship. The autonomists have near 50% of all voters in the island, and they, along with the very small pro-independence group, hold back the island from getting a decisive vote for statehood. The U.S. Congress do very well to stay outside of this Puerto Rican battle and avoid interference. I think it will take another 100 years for Puerto Ricans to get a final decision as to whether they want to become a nation with its own citizenship or join the union as full-fledged American citizens.

I did Uber Can I apply too?

This exit tax is insane.

Do bona fide PR residents owe Self-employment taxes to the irs?

Are you sure?

When does the taxable income from an ERC become due to the IRS, when a company receives its refund or when they are notified of the qualifying amount of the refund?

New Zealand and Australia have some very tough residency standards.

Very helpful. I started a business in Q1 2022. Just missed the cut off. If there is an extension please do reach out.

My goodness, I was speechless on this one. This information is golden, thanks very very much.

Great content. Thanks.

Excellent video very informative.

What if I'm not a resident yet? I'm on the process to be a resident but not yet, do I still required to filled one?

Hi, If An American applying for Act 22 becomes a bone fide resident of PR on April 10 of 2022 and has realized capital gains from Jan 1 to April 10 of 2022, does he need to file taxes with the IRS for the realized capital gains from Jan 1 to April 10 of 2022, or just Form 8898?

On the date of what precise event does a person become a bone fide resident of PR for Act 22 purposes? Is it the date on which the PR government sends the person his or her Act 20 contract, or some other event?

If you are a business owner and are unsure if you qualify for ERC, call us for a no-cost eligibility analysis at 866-399-2070 or visit our website at askfrost.com/ERC

I'm curious to know if any of your clients have received this credit. We applied for the last 2 quarters of 2020 and the first quarter of 2021, all periods that we qualified for and are applying for the second quarter of 2021 which is the last we qualify for. The first applications were in the form of 941X forms and were submitted in June of 2021, we have not received any of these credits as of today. The IRS has received the forms and processed them and they are in the final review and payment process, they have been in that status for over 6 months.

Is there a way to correct errors in 941x? I realized I submitted the wrong info in IRS, in Part 1 it should be CLAIM not ADJUSTED EMPLOYMENT TAX RETURN. How should I proceed with this scenario?

Does the Puerto Rico tax incentives apply to people who are starting an nft project?

I finally have my Puerto Rico Act 60 application approved!

Thank you for making this! The content is helpful and accurate.

After viewing the video, I believe that since my primary sources of income are a pension from a US based company and secondly Social Security and lastly mutual funds, that becoming a bonafide PR resident will not benefit me……would you agree?

Nice video. We just got back from Puerto Rico 🇵🇷 we sis the whole island pls check out our videos. Thanks for sharing and watching. 🏝❤️PR

From your experience, how long typically does it take from filing the late form until they send a CP15 notice??

Can you tell me if I...an Independent Contractor with a 1099...am eligible for ERC if I receive Round 1 and Round 2 of PPP as well as received forgiveness? $4,000 each Round. Thanks in advance!

Very interesting topics covered in this video thank you for posting sir wish you can help with design and recovery of this beautiful little island and it's people 🇵🇷

Very clear and concise. Do you practice in California? Thank you so much!

THANK YOU! Awesome information.

Hello sir, I have a question if you have an extra minute. I have an online business where I sell my own clothing brand manufactured here in the US from a different company (for now) and warehoused/distributed from the US as well. I do all my marketing online so I have the freedom to move and just came across the information about Puerto Rico's tax incentives. The profit from the sales are growing significantly so I'm seriously considering moving to Puerto Rico, at least for 183 days a year, if I'm eligible for the tax incentives. I'm getting unclear information from other websites about my eligibility and would really appreciate your thoughts. Thank you.

Hi, can you please explain the wage deduction in annual tax return??

How would this work for a locums doctor? If I work 6 months in Arkansas then 6 in Puerto Rico would I qualify?

Wonderful video keep posting

How can I be add to future presentation as this was great short and to the point.

thanks for the info!! very interesting!

How do I make sure they give me a real receipt saying they did process this form? I don’t think they mail you a receipt of form 3520? I just don’t want them in 3 years saying they “never got it”

The new infrastructure bill will abolish the 2017 Trump tax cut, how will that affect Puerto Rico?

Short, to the point, thanks for the clarity!

This is so valuable!

The first video I have seen that explains how manufacturers can qualify due to supply chain disruptions.

It's been awhile since I did this type of work but I think the most important thing is hiring a competent bankruptcy attorney. I met many bankruptcy attorneys when I was practicing bankruptcy law that didn't know what they were doing. Thanks so much for educating people because it's important for people to understand what they're getting into and like I said above many bankruptcy attorneys do not do a good job with that

Yea, great question...renounce citizenship and leave...

So if I earn short term capital gains in my Puerto Rico home then I’d only be subject to the 4% tax rate?

*👆👆👆👆👉I'm speechless all I just have to say is that 👆👆👆👆 are genius when it comes to SBA grant. Thanks so much guys.*

Thanks for sharing this update

Act 60 seems intriguing, however theres another option Im considering; A Complex trust (1041) + Private family foundation (990PF). Income and Cap gains donated into it is 0% and then loan can be taken from the foundation circle back to the Biz trust. Any major Cons with such a strategy? Seems like its basically public Vs private however Im having a tough time deciding between the two.

Didn't Trump already do this? I thought that he tax revisions created a floor of 13% for any corporation that had a US citizen on its board. This was his attempt at trying to repatriate US corporate profits. Is this not the case?