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For decades Puerto Rico has been known to be a significant player in the global manufacturing sector. Let’s look at what have been the facts and today’s current scenario.

On March 7, the FASB met to discuss stakeholders’ comments on two proposed ASUs featuring targeted improvements to the new leasing guidance and amendments to the disclosure requirements for fair value measurement. These discussions are summarized below.

Act 25 of 2017 created a new category of merchants known as “Non-withholding Agent”. These merchants are engaged in the business of “mail order sales” and their only contact with Puerto Rico is that the buyer is a resident of Puerto Rico or a person carrying on a trade or business in Puerto Rico.

The federal tax guide for Puerto Rico employers (Publication 179) has issued the following changes for taxable year 2018.

New guidance has been issued addressing the new topics stressing the importance of companies policies and procedures around the timely disclosure of cybersecurity risk and incidents, as well as the applications of insider trading prohibitions within the cybersecurity context.

The Opportunity Zones legislation aims to foster the creation and expansion of businesses in certain communities through short- term and long-term capital gains tax deferral and the potential of significant set-up in basis.

This new update helps organizations manage risk differently - it paves a new path towards the evaluation of how risk is used in the strategic decision making process, which ultimately affects an organization’s performance.

The federal tax guide for Puerto Rico employers (Publication 179) has issued some changes for taxable year 2018.

The Puerto Rico Treasury Department issued Administrative Determination No. 18-05 (“AD 18-05”) to both confirm the requisite filing of documentation to properly claim the property casualty loss deduction, and to establish the process whereby this evidence will be submitted to the Puerto Rico Treasury Department for purposes of the 2017 Tax Return.

Achieving high performance in the current business environment demands an understanding of not only risk and risk management, but also truly integrated risk management and how to realize it.

To measure a defined benefits plan’s cost and obligations under U. S. GAAP, a sponsor must use assumptions that reflect its best estimate of the plan’s future experience.

The Internal Revenue Service has issued Publication 15 - Employer’s Tax Guide 2018, which incorporates changes to Social Security and Medicare and disaster tax relief applicable to taxable year 2018.

Half of middle market companies have bought or sold all or part of a business, or have merged with one. Read the takeaways from the National Center for the Middle Market (NCMM) survey.

No one can deny that 2017 was a momentous year for Puerto Rico. From the hopeful anticipation - or outright disdain - of new political administrations in the US and Puerto Rico, to the challenges of PROMESA and its Fiscal Oversight Board, many were the events that touched upon the varied areas of daily lives and shaped the days to come; and tax issues were not left unscathed.

Performance-driven risk management is a key characteristic of some of the world’s most successful companies. Integrated risk management is an essential step in achieving performance-driven risk management.

The Puerto Rico Treasury Department (PRTD) has issued the Informative Bulletin 17-06 announcing changes on informative returns reporting requirements for taxable year 2017.