This comprehensive tax guide is designed to keep you well-informed about the tax due dates and filing requirements for both Puerto Rico and the United States. It also offers valuable tax insights for businesses, individuals and sales and use tax considerations.
Puerto Rico offers various tax exemption grants to eligible entities, providing significant tax advantages and growth opportunities. Knowing the Sales and Use Tax (“SUT”) implications for entities that are beneficiaries of tax exemption grants is crucial for effective planning, establishing goals, and strategies, as well as minimizing the impact on the organization's finances.
A Practical Guide to U.S. Transfer Pricing Rules and Their Application to Intellectual Property Transfers. Intellectual property (“IP”) is a cornerstone of value for many businesses operating in today’s global economy. When companies with related entities in different countries transfer IP, U.S. transfer pricing rules come into play. This article explains the key considerations for U.S. transfer pricing as it relates to intellectual property, offering guidance for business leaders who may be unfamiliar with these rules. Our goal is to clarify the IRS’s approach, the methods for valuing IP, and highlight compliance requirements and potential risks.
To continue our tax incentives series and keep you informed of the most important changes to the incentives in Puerto Rico, we turn our attention to the following incentives: Bona Fide Farmers and Agricultural Businesses, previously included in Act No. 225 of December 1, 2005; Economic Incentives for the Film Industry of Puerto Rico, previously contained within Act No. 27 of March 4, 2011; Incentives for Young Entrepreneurs, previously included in Act 135 of August 7, 2014; Business Incubator Incentive Program, previously included in Act 95-2013; and Exemptions to Public Air Transport Services, previously contained within Act No. 135 of May 9, 1945.
EITF discusses the revenue contract liabilities, interactions between Topics 321 and 323, and modifications of licenses of intellectual property.
The Department of Labor and Human Resources (DTRH) of Puerto Rico, has issued a notification to remind employers that the period to file the State Unemployment and Disability Quarterly Return, expires the next Wednesday, July 31, 2019.
To continue our series regarding Act 60-2019, known as the “PR Incentives Code” (“Act”) and keep you informed of the most important changes to the incentives in Puerto Rico, we turn our attention to: • Qualified Physicians, previously within Act No.14-2017; • New incentive for researcher and scientists; • New incentive grant for professional residents of difficult recruitment; • New internship program for young people, entrepreneurs and first experience employment incentives; • New Incentive program for elderly people; and • New Incentive program known as My Future Account.
An agile, incremental path to finance function value for financial services companies.
As discussed on our first issue, Act No. 60 of 2019 (known as the Incentives Code, referred to as the “Act”) codifies all the incentives granted throughout decades with the objective of adopting a comprehensive tool of economic development. The Act revokes the Puerto Rico Tourism Development Act of 2010, (i.e. Act 74-2010) as amended, while simultaneously adopting a similar set of incentives, with some changes we discuss below.
The new Puerto Rico Incentives Code, referred to as the “Act”, codifies all the incentives granted throughout decades with the objective of adopting a comprehensive tool of economic development. The Act revokes Acts 20 and 22 of January 17, 2012, as amended, while simultaneously adopting a similar set of incentives, with some changes we discuss below.
On July 1, 2019, the Governor of Puerto Rico converted House Bill 1635 into Act 60-2019, known as the Incentives Code of Puerto Rico (the “Act”). The Act codifies incentives granted for diverse purposes throughout decades with the aim to foster economic development more effectively. The Act adopts a legal and administrative framework for the application, evaluation, and grant or denial of incentives by the Government of Puerto Rico. Some incentives remain unchanged, while others were eliminated or altered to increase the return on public investment.
Organizations should have robust internal control procedures to limit the risk of fraud, and internal audit’s role is to assess these controls.
It is the duty of every employer to insure his/her employees against all work-related injuries, illnesses or death with the Workmen's Compensation Insurance Fund (CFSE).
The Puerto Rico Treasury Department has negotiated with the US Treasury Department to extend the deadline to file the request of the benefit.
5 tips to manage enterprise risk in businesses driven by innovation
Some publications have hinted that blockchain technology might eliminate the need for a financial statement audit by a CPA auditor altogether. If all transactions are captured in an immutable blockchain, then what is left for a CPA auditor to audit?
A study reveals three components of a superior growth strategy and underscores their interdependency.
In this issue we review the role of audit and management in the financial reporting chain.
The Puerto Rico Department of Labor and Human Resources has issued the first edition of “Guidelines for the Interpretation of Labor Law in Puerto Rico”.
