This article answers the most common questions currently being asked by H.R. and employee benefits officials of U.S. companies with operations in Puerto Rico as to whether employer matching contributions…
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Cybersecurity of Puerto Rico Retirement Plans
Puerto Rico benefits & compensation expert Carlos Gonzalez shares his practical experience with the evaluation of the cybersecurity measures of local financial institutions servicing retirement plans in operation in Puerto…
Puerto Rico Taxation of Severance Payments
Employers considering reductions in workforce in Puerto Rico should be aware that the rules on the taxation of severance pay in the United States and Puerto Rico are different. The…
Operating HSAs & HDHPs in Puerto Rico
With the IRS’ recent announcement of the 2025 limits on deductible contributions to health savings accounts (“HSAs”) and maximum deductible amounts and out-of-pocket expenses under high deductible health plans (“HDHPs”)…
Statute of Limitations for ERISA Benefits Lawsuits vs. Puerto Rico Plans
Retirement plans in operation in Puerto Rico can impose a statute of limitations for the filing of ERISA claims for benefits that is substantially shorter than the four-year period that…
Reporting Healthcare Coverage Costs in Puerto Rico W-2
The employer-shared responsibility requirements of the Affordable Care Act (“ACA”) do not apply in Puerto Rico. Basically, since Puerto Rico is not part of the U.S. for purposes of Code…
IRS Replaces Forms for Reporting FUTA and FICA Taxes on Puerto Rico Wages
To streamline the process that employers with operations in Puerto Rico (P.R.) need to follow to comply with their U.S. payroll tax obligations, the IRS recently replaced the tax forms…
2024 Limits on Contributions to 401(k) Plans Qualified in Puerto Rico
On January 30, 2024, the Puerto Rico Department of the Treasury (commonly known by its Spanish name as “Hacienda”) issued Circular Letter of Internal Revenue No. 24-01, establishing the 2024…