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Last week, President Trump signed into law the Tax Cuts and Jobs Act. As we have been informing periodically through the legislative process at the US Congress, the upcoming changes are the most significant legislated since the actual US Internal Revenue Code was enacted in 1986. Herein, we highlight a number of key elements in related to international taxation, which will effectively affect your fiscal responsibility when doing business in Puerto Rico.

The Puerto Rico Treasury Department issued the Publication 17-04 including the new electronic filing requirements for Forms 499R-2/W-2PR for 2017.

During this difficult situation caused by Hurricane María in Puerto Rico, what could be better than planning how to move on, help your employees and at the same time save taxes. Here is a list of benefits that you could take into consideration during the year-end tax planning process.

If one were to find a common thread throughout the various pronouncements that the Puerto Rico Treasury Department has issued in the aftermath of Hurricane Maria, it would be that this momentous event has brought upon a series of economic challenges which have required the current administration to balance societal needs vs. its fiscal responsibilities in a most pressing manner.

Most commercial property insurance policies provide coverage for business income loss (business interruption) by including an endorsement to the insured property policy. This endorsement is designed to protect the insured for losses of business income sustained as a result of direct physical loss or damage to property at the premises, by a covered peril.

The Puerto Rico Internal Revenue Code of 2011, provides certain exceptions to the general obligation of withholding seven percent (7%) on payments made to another person for services rendered in Puerto Rico. One in particular, the “first three year”, has come under scrutiny as to what constitutes a new business for its application.

Though similar in some areas to House’s bill, the Senate’s proposed plan reveals key differences between the legislative bodies. It is expected that the Senate will present their plan as a bill in the coming days. In this Tax Alert we provide an overview of the changes proposed by the Senate.

Hurricane Maria’s devastation through Puerto Rico has brought upon a series of logistical and fiscal challenges which require the government to respond in efficient and agile manner. In order to achieve an effective fiscal administration the Puerto Rico Treasury Department issued Administrative Determination No. 17-28 on November 10, 2017.

The FASB launched a new webpage titled “Implementing New Standards” that addresses how the FASB positions entities for a successful transition to new financial accounting and reporting guidance.

When planning for retirement, or even if you are already retired, it is important to evaluate and assess the factors that can affect the lifetime of the assets that will finance your retirement.

On November 2, 2017, the Republican members of the House Ways & Means Committee released a draft Tax Reform Bill named the Tax Cuts and Jobs Act, formally commencing a tax reform process in the United States that would consequently affect Puerto Rico.

Following is an updated summary of our 2017 Tax Calendar due dates for the months of November and December.

Many companies who have suffered damages to their property have experienced business interruptions for some time. Most of those companies have insurance policies covering damages to property and interruptions caused by these natural disasters. Accounting for insurance recoveries depends in the nature of the claim.

As a result of the passing of Hurricane María through Puerto Rico on September 27, 2017, the Puerto Rico Treasury Department (“PRTD”) announced the postponement of various tax filing and payment due dates during the months of September and October 2017. Informative Bulletin 17-25 (“IB 17-25”) specifies the new due dates for some tax returns and/or payment of taxes.

Many private and public companies are struggling to implement the ASC 606 revenue recognition standard. Progress is slow, while the deadline — at least for public companies — is approaching quickly. The new standard will be effective in the first quarter of 2018 for calendar-year public companies and in 2019 for nonpublic entities.

Questions have arisen in practice regarding the presentation of current and noncurrent assets and liabilities of a discontinued operation in the statement of financial position. In particular, stakeholders have questioned whether there are circumstances in which it is appropriate to classify as current all assets and liabilities of the discontinued operation.