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We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
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Financial statements audits
Financial statement audits
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Compliance audits
Compliance audits
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Compilations and reviews
Compilations and audit
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Agreed-upon procedures
Agreed-upon procedures
At Kevane Grant Thornton, tax is a key part of our organization and our award-winning teams can offer you a range of solutions, whatever the size of your...
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Tax compliance
Business Tax
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Individual taxes
Individual taxes
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Estate and succession planning
Estate and succession planning
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
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Tax incentives program
Tax incentives program
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Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
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Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Forensic and investigative services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Fraud and investigations
The commercial landscape is changing fast. An ever more regulated environment means organizations today must adopt stringent governance and compliance processes. As business has become global, organizations need to adapt to deal with multi-jurisdictional investigations, litigation, and dispute resolution, address the threat of cyber-attack and at the same time protect the organization’s value.
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Dispute resolutions
Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
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Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Internal audit
We work with our clients to assess their corporate level risk, identify areas of greatest risk and develop appropriate work plans and audit programs to mitigate these risks.
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Service organization reports
As a service organization, you know how important it is to produce a report for your customers and their auditors that instills confidence and enhances their trust in your services. Grant Thornton Advisory professionals can help you determine which report(s) will satisfy your customers’ needs and provide relevant information to your customers and customers’ auditors that will be a business benefit to you.
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Transactional advisory services
Transactions are significant events in the life of a business – a successful deal that can have a lasting impact on the future shape of the organizations involved. Because the stakes are high for both buyers and sellers, experience, determination and pragmatism are required to bring deals safely through to conclusion.
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Mergers and acquisitions
Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
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Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Our outsourcing services allow you to save time and money in order to concentrate on the competencies and the core business activities.
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Act No. 257 of December 10, 2018 brought a series of changes to the 2011 Internal Revenue Code for a New Puerto Rico (the “Code”), most of which were effective upon the enactment of the legislation unless the Act stated otherwise.
The Puerto Rico Treasury Department issued Administrative Determination No. 19-01 (“AD 19-01”) on May 1, 2019, to establish that the amendments where effective dates were not properly disclosed will commence as follows:
Amendments commencing on taxable years after December 31, 2016
- 1031.01(b)(18) – exclusion of distributions from an employees' trust or an IRA for disaster;
- 1081.01(b)(1)(D) – exclusion from gross income on distributions from an employees' trust in the event of a disaster declaration by the Governor of Puerto Rico;
- 1081.01(d)(1)(I) – exclusion from gross income on distributions from an IRA in the event of a disaster declaration by the Governor of Puerto Rico;
Amendments commencing on taxable years after December 31, 2017
- 1010.01(a)(3) – fort the 2018 taxable year, the deadline for partnership election on limited liability companies will be the filing date of the corresponding Puerto Rico income tax return (including extensions), along with Form 6045. However, for taxable years 2019 and onwards, the election will be done on the corresponding Puerto Rico income tax return.
Amendments with immediate effective date (i.e. December 10, 2018)
- 1031.01(b)(3) – gross income exclusion on compensation for emotional distress;
- 4010.01(l)(1)(E) – amends the definition of “admission rights” to include fees and dues paid to private or membership clubs that allow for the acquisition of goods and/or services, be it through brick-and-mortar locales or the internet
- 4010.01(m) – amends the definition of “candy” to include drops, cremes or pieces;
- 4010.01(ll)(11)(B) – does away with the limitation to the exemption of legal services that could not be provided by other professionals;
- 4030.19 – exemption from sales and use tax (“SUT”) on the rental of machinery, medical-surgical material, supplies, articles, equipment and technology used in the provision of health services;
- 4030.20 – exemption from SUT on the purchase or rental of e-books;
- 4030.26 – exemption from SUT on women’s hygiene products for menstrual period;
Amendments for taxable years commenced after December 31, 2018
- 1010.01(a)(35) – in determining whether an entity is a Large Taxpayer, the business volume of all the members of the group of related entities must be taken into consideration;
- 1010.05 – adds the terms “entities”, “chain of entities” and to the definition of “group of related entities”. For the taxable year 2018, the term group of related entities will not comprise LLCs that are taxed as partnerships, special partnerships or corporations of individuals;
- 1033.14(c)(2) – restriction on the use of the net operating loss deduction carry-overs from previous years or the current year to reduce the partner’s distributable income on the partnership;
- 1035.01(a)(3)(A) and 1035.02(a)(3) – income from the rendering of services to the Government of Puerto Rico, its agencies and departments, the Legislative and Judicial branches, Municipalities or any other entity created by virtue of a state or federal law will be sourced to Puerto Rico – even if the services were rendered outside of Puerto Rico – if the monies came from the General Fund;
- 1062.03(b)(15) - exemption from withholding taxes on payments made by a partnership, special partnership or corporation of individuals engaged in the rendering of services to an individual that is a member, shareholder or owner of said entity;
- 1063.01(a) – requirement to report payments made by any person engaged in trade or business in Puerto Rico for ads, insurance premiums, telecom services, internet access, cable and satellite TV in excess of $ 500.00 through an informative return;
- 1033.15(a)(1)(G) – procedure to claim the Deduction for interest paid or accrued on residential property when the taxpayer is not the debtor or mortgage co-debtor. This Section abolishes the requirements of Internal Revenue Circular Letter No. 18-01 for taxable years commenced after December 31, 2018;
- 1061.02(a) – requirement that Income Tax Returns for Large Taxpayers be certified as prepared or reviewed by Puerto Rico CPA;
- 1101.02 – special tax on compensation received by highly-paid Officers, Directors and Employees of non-profit entities;
- 1101.03 – special tax on payments for compensation in harassment cases and related expenses.
Amendments effective on May 1, 2019
- 6030.25 – procedure for the application of voluntary partial payments and voluntary payments owed to the Treasury Department;
Amendments effective on October 1, 2019
- 4030.14(b) – requirement for the SUT exemption on the lease of real property.
Please contact our Tax Department should you require additional information regarding this or any other tax issue. We will be glad to assist you.
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