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…
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…
This article addresses the changes brought by Administrative Determination No. 16-05 (AD 16-05), which: (1) eliminated the filing of local Form 480.70(OE), Informative Return for Income Tax Exempt Organizations, by qualified retirement plans,…
In a desperate attempt to raise revenues and, hopefully, avoid bankruptcy, during the 2014 the government of Puerto Rico allowed local taxpayers to prepay at favorable rates income taxes on…