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2023 Tax Calendar
Tax Calendar 2023 Tax Calendar
The Kevane Grant Thornton Tax Calendar will help you comply with tax filings and provide you with general information needed for your business day-to-day operations.
07 Jul 2023
#KevaneTravels: A Grant Thornton LATAM Meetup in Brazil!
Taxes #KevaneTravels: A Grant Thornton LATAM Meetup in Brazil!
#KevaneTravels: A Grant Thornton LATAM Meetup in Brazil!
1 min read | 05 Jul 2023
The Ins and Outs of Puerto Rico Tax Credits as a Tax Savings Tool
Tax Insights The Ins and Outs of Puerto Rico Tax Credits as a Tax Savings Tool
Tax credits prove to be a highly useful instrument for taxpayers within the Puerto Rico tax system, in terms of tax strategizing and reducing their tax obligations. Although most of the tax credits can only be attained by eligible businesses under the Puerto Rico Incentives Code, the existence of a secondary market can make them within reach of every taxpayer and serve as a valuable tool for tax planning. In this article, we will dive into the realm of tax credits, giving you an overview to capitalize on these advantageous tax provisions benefiting your tax situation.
María de los Angeles Rivera
Omar Mues
Lina Morales
Isabel Hernández
Francisco Luis
| 14 min read | 29 Jun 2023
Trending articles
Tax Alert Your estate plan – four changes brought in by the new Puerto Rico Civil Code
11 Nov 2020
Tax Alert Senate Bill 1298 and House of Representatives Bill 1839
Francisco Luis
Lina Morales
María de los Angeles Rivera
Isabel Hernández
Omar Mues
| 16 min read | 11 Sep 2023
Tax Article 2021 Year-end tax planning for Puerto Rico individuals
Lina Morales
María de los Angeles Rivera
Francisco Luis
Isabel Hernández
| 7 min read | 16 Dec 2021
Audit Alert ERISA Section 103 (a) (3) (C) Audits of Employee Benefit Plans
Johanna Pérez
Johanna Pérez
| 3 min read | 01 Jul 2022
Our latest insights
Tax Insights Maximize Your Small Business Growth by Taking Advantage of Available Tax Incentives in Puerto Rico
Small and medium-sized businesses, also known as PyME or PyMEs (for its Spanish translation), represent an important sector of the Puerto Rican economy, as they play a substantial role in generating employment opportunities for the Island and boosting economic growth. According to the Department of Economic Development and Commerce (DEDC) PyMEs Annual Report, in 2019 PyMEs accounted for 91.4% of the total establishments in Puerto Rico, contributing 44.8% of the total jobs in the private sector, and representing 39.2% of the total payroll in Puerto Rico’s private sector during such year.
María de los Angeles Rivera
Lina Morales
Isabel Hernández
Francisco Luis
Omar Mues
Samira Yassin
| 13 min read | 28 Sep 2023
Advisory Assessing Your Business Risks with SOC Reporting
System and Organization Control reports (SOC), provide insight into how a particular process is conducted. They also provide insight into whether the internal controls are adequate to maintain the desired level of accuracy, completeness or relevance when focusing on business processes. If you are concerned about information technology, SOC reports help assure that a control frameworks exist around the following criteria security, availability, processing integrity, confidentiality, privacy or other topics.
2 min read | 27 Sep 2023
Tax Alert Senate Bill 1298 and House of Representatives Bill 1839
Small and medium enterprises play a substantial role in the Puerto Rican economy, as they generate many employment opportunities. Following the Government of Puerto Rico’s public policy on finding ways to strengthen this sector, the State Insurance Fund Corporation (SIFC) has introduced an incentive program through Administrative Order 23-04.
Francisco Luis
Lina Morales
María de los Angeles Rivera
Isabel Hernández
Omar Mues
| 16 min read | 11 Sep 2023
Tax Insights Puerto Rico Sales and Use Tax after five years of Wayfair
Over time, commercial transactions are constantly evolving due to digitalization and globalization of markets. Recent global events, such as the COVID-19 pandemic, further accelerated the transformation from the traditional work model into today's digital workplace. In this same way, governments are constantly adapting their tax rules to further regulate this new business environment according to the new market trends and needs. For example, the South Dakota v. Wayfair case (138 S. Ct. 2080), demonstrates how governments are adapting to technological advances while they continue collecting revenues digitally. This article provides a brief overview of the tax implications of the 2018 Wayfair ruling for Puerto Rican taxpayers, and how this case impacted the Puerto Rico Sales and Use Tax (PR SUT) since its issuance.
María de los Angeles Rivera
Lina Morales
Isabel Hernández
Francisco Luis
Omar Mues
Javier Oyola
| 8 min read | 31 Aug 2023
Taxes Go Beyond: Our Commercial Mission in Panama
Go Beyond: Our Commercial Mission in Panama
Omar Mues
Omar Mues
| 2 min read | 14 Aug 2023
Tax Alert New State Insurance Fund Incentive for Small and Medium Sized Businesses
Small and medium enterprises play a substantial role in the Puerto Rican economy, as they generate many employment opportunities. Following the Government of Puerto Rico’s public policy on finding ways to strengthen this sector, the State Insurance Fund Corporation (SIFC) has introduced an incentive program through Administrative Order 23-04.
Francisco Luis
Lina Morales
María de los Angeles Rivera
Isabel Hernández
Omar Mues
| 3 min read | 11 Aug 2023
Tax Insights Puerto Rico Income Tax Deductions for Corporations: A Step-by-Step Guide
This publication is part of a four-part series – Pass-through Entities, Corporations, and Individuals. For a discussion on our previous articles in this series, refer to the following links: Three become One: The New Pass-Through Entity Category | Grant Thornton Puerto Rico Opens its Doors for Disregarded Entities | Grant Thornton
María de los Angeles Rivera
Lina Morales
Isabel Hernández
Francisco Luis
Omar Mues
| 10 min read | 31 Jul 2023
Tax Calendar 2023 Tax Calendar
The Kevane Grant Thornton Tax Calendar will help you comply with tax filings and provide you with general information needed for your business day-to-day operations.
07 Jul 2023
Taxes #KevaneTravels: A Grant Thornton LATAM Meetup in Brazil!
#KevaneTravels: A Grant Thornton LATAM Meetup in Brazil!
1 min read | 05 Jul 2023
Tax Insights The Ins and Outs of Puerto Rico Tax Credits as a Tax Savings Tool
Tax credits prove to be a highly useful instrument for taxpayers within the Puerto Rico tax system, in terms of tax strategizing and reducing their tax obligations. Although most of the tax credits can only be attained by eligible businesses under the Puerto Rico Incentives Code, the existence of a secondary market can make them within reach of every taxpayer and serve as a valuable tool for tax planning. In this article, we will dive into the realm of tax credits, giving you an overview to capitalize on these advantageous tax provisions benefiting your tax situation.
María de los Angeles Rivera
Omar Mues
Lina Morales
Isabel Hernández
Francisco Luis
| 14 min read | 29 Jun 2023
Tax Insights Are you ready for the next emergency?
Every year, the Caribbean region prepares for the hurricane season, which starts on June 1st and ends on November 30th. As the years go by, climate change is becoming more dramatic, and atmospheric events are stronger and more unpredictable. In 2017, Puerto Rico experienced Hurricane Maria and its electricity grid and other utilities became increasingly unstable. Consequently, preparing for this season of the year is essential for the Puerto Rican residents. The Puerto Rico Treasury Department (PRTD), recognized that proper preparation is important, but it can also be costly. As a result, the island’s Internal Revenue Code, as amended (“the Code”), provides certain exemptions that serve as a relief to the financial burden of the taxpayer. This article explains the tax exemption on solar equipment, the non-applicability of the Sales and Use Tax ("SUT") on donations.
Lina Morales
Francisco Luis
María de los Angeles Rivera
Isabel Hernández
Omar Mues
| 7 min read | 31 May 2023
Advisory ESG: Environmental, Social, and Governance
Environmental, social, and governance (ESG) has emerged as much more than an ecological responsibility subject. Environmental awareness has been around the neighborhood for over 60 years, but it wasn’t until 2004 that ESG was widely promoted by the United Nations Organization (UN) with its report, “Who Cares Win”. The report was the result of a joint initiative among financial institutions in nine (9) countries that had been invited by the United Nations to develop guidelines and recommendations on how to better integrate environmental, social, and corporate governance issues in asset management, securities brokerage services, and associated research functions.
Marta E. Rodríguez
Marta E. Rodríguez
| 4 min read | 26 May 2023
Tax Insights Time to buckle up as Puerto Rico Treasury muscled up to enforce PR income tax evasion dispositions
Are you happy that your number of YouTube subscribers is growing or that your followers in your Insta account are multiplying? If your income tax return does not reflect this growth, you may be liable for tax evasion. As any other taxpayer, Youtubers, Influencers, and Bloggers are required to declare their income received from these activities in their individual income tax returns. Staying compliant with your income tax responsibilities should be a top priority. Especially nowadays, as the Puerto Rico Department of Treasury (“PRDT”) has increased its scrutiny in this area and has been noticeably public about it. In this article, we take a closer look at tax rules for influencers in Puerto Rico (“PR”) and the implications they may face for failing to comply with your income tax responsibilities.
Samira Yassin
Madeleine Tubens
| 10 min read | 01 May 2023
Tax Insights Three become One: The New Pass-Through Entity Category
On June 30, 2022, the Puerto Rico Governor signed Act 52-2022, which modified the 2011 Puerto Rico Internal Revenue Code, as amended (the “Code”), among other matters. Specifically, Act 52-2022 introduced into the Puerto Rican tax system the figure of Disregarded Entities and revolutionized the concept of Pass-Through Entities. Under the new rules, Partnerships, Corporations of Individuals and Special Partnerships will now be treated under the umbrella of Pass-Through Entities.
Sharrilyn Sánchez
Sharrilyn Sánchez
| 10 min read | 04 Apr 2023
Tax Insights Puerto Rico Opens its Doors for Disregarded Entities
It has been months of candid discussion since the enactment of Act 52 of June 30th, 2022, known as the Puerto Rico Public Finances Stabilization Act (hereinafter “Act 52-2022”). Act 52-2022 introduced a potpourri of amendments to tax-related legislation. Amendments impacted the 2011 Puerto Rico Internal Revenue Code (“PR Code”), the Puerto Rico Incentives Code, and the Puerto Rico Municipal Code to position Puerto Rico as an attractive destination to do business. As a significant change presented by Act 52-2022, disregarded entities (“DREs”) were recognized for the first time for PR income tax purposes. As stated in the Statement of Motives of Act 52-2022, this adoption seeks to simplify tax compliance burdens for the PR working class. Subsequently, the PR Treasury Department issued Administrative Determination 22-10 (“DA 22-10”) and Administrative Determination 23-01 (“DA 23-01”), which shed light and provide a set of rules for entities that want to elect or revert its taxable treatment. Many business owners frequently structure their businesses as Limited Liability Companies (“LLCs”). It also aligns Puerto Rico with the tax regimen of the US federal tax code and other US states that have adopted this tax treatment for these entities. One of the most important decisions when creating a business is electing the most suitable business organization form. This decision will impact aspects of your business including taxation, and your personal legal liability. Here in we discuss, in general terms, the most common ways to do business in Puerto Rico (“PR”) using a legal entity and what you should know about the implications that the enactment of Act 52-2022, and related publications, bring with respect to DREs.
Samira Yassin
Francisco Luis
| 11 min read | 07 Mar 2023
Tax Insights Amendments to Act 60 and Regulations
On June 30th, 2022, the Governor of Puerto Rico signed into law Act 52-2022, known as the Puerto Rico Public Finances Stabilization Act (hereinafter “Act 52”). This new law introduced multiple amendments to the 2011 Puerto Rico Internal Revenue Code (hereinafter “PR Code”), Puerto Rico Incentives Code (hereinafter “Act 60”), Puerto Rico Municipal Code, Act 73-2008, Act 135-1997, and other laws. Act 52 pursues to simplify the tax system, strengthen the fiscalization of tax incentives and tax credits, and position the island as an attractive destination to invest and start a business. This article is focused on the most significant amendments contained within Act 52 related to Act 60 and its Regulations.
Samira Yassin
María de los Angeles Rivera
| 9 min read | 15 Dec 2022
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