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Featured topics
Audit
Preparing for the new lessor accounting standards
The FASB issued a proposed ASU, Leases (Topic 842): Narrow-Scope Improvements for Lessors, to address certain issues raised by lessors when implementing the new leases guidance in ASU 2016-02, Leases (Topic 842). The amendments in the proposed ASU would:
Tax
New due date for 2nd installment of income tax payment
Section 1061.17 of the 2011 Puerto Rico Internal Revenue Code, as amended (the “Code”), allows individual taxpayers that are not subject to the payment of estimated taxes the option to pay their income tax liability in two (2) equal installments – with the first installment due on the fifteenth day of the fourth month after the close of the individual’s tax year, and the second installment due no later than the fifteenth day of the sixth month after the first installment. For example, if Mr. X has a December 31, 2017 year end, the first installment for his 2017 income tax liability would be due on April 15, 2018, whilst the second would be due on October 15, 2018.
Advisory
Design for revenue recognition success, not just compliance
ASC 606 revenue recognition standard will affect the revenue recognition of most companies. While this implementation takes place, companies should also focus on the opportunity for an enhanced revenue stream.
Outsourcing
PRSIF issued the premium notices for 2017-2018 and 2018-2019
The Puerto Rico State Insurance Fund Corporation has issued the Workers’ Compensation Premium Notice for the Final Premium Statement for fiscal year 2017-2018 and the Preliminary Premium for 2018-2019, for those policies that were not filed electronically, covering the salaries reported on the payroll statement from July 1, 2017 throught June 30, 2018.
Industries
Will online shopping make retail giants extinct?
With the recent closures of Toys “R” Us (U.S.), Maplin and Topshop Australia, we investigate whether the internet is killing off physical stores...
IBR and GrowthiQ
Impact in action
Global charitable giving is down. Negative headlines have caused public trust in charities to waver and there are still questions over how donations are actually used. To address these issues, we look at effective impact measurement and the way it is communicated.
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Kevane Grant Thornton 2018 Tax Calendar
The information contained in this Tax Calendar will help you comply with tax filings and provide general information for your day-to-day business operations in Puerto Rico.
Doing business in Puerto Rico Doing business in Puerto Rico
Doing business in Puerto Rico
Puerto Rico Tax and incentives guide
This publication summarizes the tax and business incentives to qualifying business operating or considering to operate in Puerto Rico.
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