The High Stakes of Inaccurate Act 60 Filings
Uncovering Hidden Errors: Beyond Basic Checklist Compliance
Our CPA-Verified, 200-Point Inspection Process
Frequently Asked Questions
What are the most common Act 60 filing mistakes?
The most frequent errors include incorrect income sourcing between Puerto Rico and the US, failure to meet the bona fide residency tests (including the Presence Test and Tax Home Test), and incomplete or missing information on forms like Form 480 and Form 8938. These can lead to significant penalties if not corrected.
Can Act60Review fix the errors for me?
Act60Review is a diagnostic tool designed to identify potential errors and compliance risks in your filings. We provide a comprehensive report for you to take to your own CPA or tax advisor for final advice and remediation. We do not provide tax preparation, legal, or accounting advice.
How is this different from my CPA's review?
Our platform serves as a powerful second opinion, leveraging AI to scan for over 200 specific Act 60 compliance points—a level of detail that may go beyond a standard review. The results are then verified by a CPA, giving you an extra layer of confidence and a tool to enhance your advisor's work.
Is my financial data secure with Act60Review?
Yes. We use bank-level encryption and a secure, isolated environment to process your information. Your privacy and data security are our highest priorities. We do not share your data with any third parties.
What happens if a potential error is found?
Our system will flag the potential issue, explain the associated compliance risk, and provide context based on current regulations, such as IRC Section 933. You will receive a detailed report that you can use to discuss the findings with your tax professional to determine the best course of action.
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This content is for informational purposes only and does not constitute tax, legal, or accounting advice.
