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…
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…
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”)…
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…
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…
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…
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…
This article (in Spanish) addresses the impact of ERISA’s Fiduciary Investment Advisor regulations on those Puerto Rico CPAs who render accounting and/or consulting services for qualified retirement plans.
This article describes changes made during 2016 & 2017 to the rules on the operation and qualification of retirement plans in Puerto Rico, including (1) the procedure the P.R. Department…