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On April 26, 2017, President Donald J. Trump announced his proposed 2017 Tax Reform for Economic Growth and American Jobs, for which the Republicans have also issued their proposed tax plan known as “A Better Way” tax reform blueprint. The following table intends to compare the guidelines under both tax reform proposals.

On May 8, 2017, the Puerto Rico Treasury Department (“PRTD”) issued Administrative Determination No. 17-02 to express its position in regards to the computation of net taxable income for taxpayers’ involved in the maritime and air transportation industry.

Businesses today need to become proactive rather than reactive to cybersecurity attacks. It starts by understanding what is important for the business to grow and thrive. Those that fail to enact a strategic approach like, defining roles, valuing assets, identifying internal and external attacks or adapting to new technologies, will continue to be stuck at cybersecurity.

The AICPA introduced a new cybersecurity risk management reporting framework, which will create a common language that can be used to communicate about, and report on, cybersecurity risk management efforts.

On March 16, the FASB’s Emerging Issues Task Force (EITF) reached a final consensus on Issue 16-C, “Determining the Customer of the Operation Services in a Service Concession Arrangement.” The FASB will consider ratification of the consensus at a future meeting. If ratified, the consensus will be issued as an ASU.

Act 154-2010 establishes a 4% Excise Tax on certain personal property and services transactions between related entities for taxable years commenced after December 31, 2010. The tax generally applies to foreign companies that have an office, or are treated as having a permanent place of business in Puerto Rico, and reaches certain threshold levels of production.

The Withholding Exemption Certificate (Form 499 R-4) is the document used by the employee to notify his/her employer of the personal exemption, exemption for dependents and the allowance based on deductions to determine the income tax to be withheld from the employee’s wages.

Through Administrative Order No. OA-2017-01 the Puerto Rico Fiscal Agency and Financial Advisory Authority has instructed the Secretary of the Treasury Department to conduct an inventory of issued tax credits and to require their holders to provide all of the information that the Secretary deems necessary to support their concession.

At companies, the development of a strong and pervasive working capital culture lays the groundwork for a more efficient organization that generates higher growth and improved profitability.

The Puerto Rico Treasury Department issued Internal Revenue Informative Bulletin No. 17-07 to address a recurring inquiry regarding the inclusion of the Certificate of Compliance required under Act No. 187 of 2015 for the 2016 Exempt Business Income Tax Returns.

Resolution 2017-01 establishes the guidance for the use of tax credits granted in Puerto Rico.

The Puerto Rico Treasury Department has issued Administrative Determination 17-01 (“AD 17-01”) to modify the process by which it imposes penalties on merchants that fail to comply with the filing and/or remittance of the Sales and Use Tax.

With the SEC heightening its scrutiny of organizations’ cybersecurity processes and new technologies also creating new channels for cyberattacks, the need is greater than ever for audit committees to be a more integral part of cybersecurity management efforts.

Income Tax Returns for individuals and corporations are due on or before the 15th day of the fourth month following the close of the entity’s taxable year. For calendar year taxpayers whose tax year ended on December 31, 2016 the corresponding due date this year is April 18, 2017.

Circular No. 17-02 to clarifies several inquiries from withholding agents and service providers regarding the issuance of waiver certificates in the case of taxpayers who receive payments for services that are not subject to the 7% withholding.

The Board has issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, with the purpose of reducing complexity in accounting standards.