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Act 257-2018 introduces rules that affect the deductibility of expenses in the Puerto Rico income tax return.

On January 20, 2020, the Municipal Financing Corporation (COFIM) announced through a local newspaper (link) that it extended the deadline for merchants to submit their sales and use tax returns and payments of January until January 31, 2020

On January 17, 2020 the Internal Revenue Service (“IRS”) issued Press Release PR-2020-01 (“PR-2020-01”) to announce a tax relief for the victims of the earthquakes in Puerto Rico.

After the recent earthquakes that have hit Puerto Rico, the United States President Donald J. Trump declared Puerto Rico a major disaster zone in six municipalities, and now the Puerto Rico government is seeking into the designation of 10 additional municipalities. Also, Secretary of HUD Ben Carson finally appointed a monitor to oversee the administration of disaster relief allocated to Puerto Rico, which seemed to be the last piece of the puzzle to start the distribution of CDBG-DR funds into Puerto Rico.

As a result of the damages caused by earthquakes that have affected and continue to affect Puerto Rico since January 6, 2020, the Puerto Rico Treasury Department (“PRTD”) announced the postponement of various tax filing and payment due dates for the month of January 2020

On January 12, 2020, the Governor of Puerto Rico vetoed Puerto Rico House of Representatives Bill 2172, hereinafter referred to as “HB 2172”. It was a pocket veto as the Governor of Puerto Rico did not sign the legislation during the prescribed period, on or before January 12, 2020.

The importance of managing your digital assets as any other asset in your estate.

The Puerto Rico Department of the Treasury “PRTD” issued Administrative Determination 20-01 “AD 20-01” to provide a temporary exemption from the Puerto Rico Sales and Use Tax “SUT” to individuals in those taxable items acquired in Puerto Rico that are considered “prepared foods”, “carbonated drinks”, “confectionery products” and “candies” hereinafter and collectively, “prepared foods”, as defined in Section 4010.01 of the Puerto Rico Internal Revenue Code of 2011, as amended “Code”.

How are you preparing for a M&A. Go beyond the apparent.

Since the beginning of 2019 new reporting and compliance rules have been incorporated to our tax system. Learn how you can maximize your tax position.

The Puerto Rico Treasury Department has issued Administrative Determination 19-07 to inform the penalties for the misuse of fiscal terminals.

With the end of 2019 in sight, November is a good time to look ahead and consider some important tax planning aspects for the upcoming tax filing season.

During the past decades, technology has revolutionized all aspects of human life, including how business is done. As a result, the virtual currency industry has emerged in such a way that it may also be used to pay for goods or services due to its function as a medium of exchange.

Act 257 of December 10, 2018 (“Act 257-2018”), introduced important changes to the Puerto Rico tax system including the amendment of Section 4030.14 of the Puerto Rico Internal Revenue Code of 2011 (“the Code”), as amended. Under Section 4030.14 of the Code, the rental payments for the lease of real property for commercial purposes are exempt from the payment of the sales and use tax (“SUT”), including the payments for offices, storage and parking spaces.

The Puerto Rico Treasury Department has established new guidelines in relation with the file transmission layout for fiscal terminals.

Meetings with PR and US Government have triggered the need to identify an alternative to the 4% excise tax of Act 154-2010.