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The FASB has issued a proposed ASU, Leases (Topic 842): Targeted Improvements, to provide entities with an additional transition method when applying ASC 842, Leases, and to provide lessors with a practical expedient when separating non-lease components from lease components under the new leasing guidance.

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.

It takes an upfront analysis of your own company as well as a comprehensive look at a target to be sure your growth strategy is aligned with what you’d gain from an acquisition.

The Puerto Rico Treasury Department (PRTD) has issued the Administrative Determination 17-21 with purpose of establishing a temporary exemption on those payments made by an employer in favor of its employees to compensate the damages and losses received by individuals as a result of the Hurricane Maria.

The continuous aim of the current administration has been the provision of the adequate conditions for the resurgence and eventual re-development of Puerto Rico’s economy.

Questions have arisen about when a public business entity acquirer of a nonpublic acquiree should present the acquiree’s results in accordance with ASC 606 in the consolidated financial statements.

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.

On November 6, 2017, the Committee for the Authorization of Expenditures and Tax Concessions issued Resolution No. 2017-10 to modify the amount and time limitation rules established by Resolutions 2017-05, 2017-08 and 2017-09 for the use of Tax Credits granted under various Puerto Rico incentive acts.

On November 10, 2017, the Puerto Rico Treasury Department issued Administrative Determination 17-26 providing certain PYMES a temporary exemption period from the collection of the sales and use tax on their sales and from the payment of use tax on the purchase of inventory for resale.

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.