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Digitization is allowing tax authorities in Puerto Rico to collect tax data in real time or near real time, and use the information to respond quickly and in targeted ways to perceived compliance risks.

The Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”) allows relief measures for zones and areas that were affected by Hurricanes Harvey, Irma and Maria. Of particular interest was the concession of a business tax credit to employers for employee retention on disaster areas under the U.S. Internal Revenue Code of 1986, as amended (the “IRC”).

On April 27, 2018, The Puerto Rico Department of Labor and Human Resources informed the intention to adopt a new regulation for the administration of the unemployment insurance program.

In recent years, the world has seen exponential growth in the amount of data being captured, processed and stored by organizations, mirrored by a relative reduction in the cost of data storage itself. As a result, the timely, accurate analysis and appropriate management of these vast amounts of data (‘big data’) is where organizations can recognize real business value.

The Puerto Rico Treasury Department (the “PRTD”) issued Internal Revenue Circular Letter No. 18-06 to establish the terms and conditions for the procurement and issuance of Payment Plans for the 2017 Income Tax Return.

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 (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.

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.