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.
Innovation strives when faced with no other choice. What can businesses do to overcome economic downturns?
FASB proposes an accounting standard update for Business Combinations.
The Department of the Treasury has established the filing requirements for the Quarterly Return of Tax Withheld on Payments for Service Rendered.
Use CECL user testing to move from compliance to value.
The Puerto Rico Department of Treasury has released Circular Letter 19-08 establishing the filing deadlines for certain corporation income tax returns.
The Puerto Rico Department of Treasury has released Circular Letter 19-06 stating new guidance for individuals, corporations and LLCs on the filing of automatic extensions for income tax returns.
The FASB recently issued ASU 2018-20, Leases (Topic 842): Narrow Scope Improvements for Lessors, which simplifies how lessors implement the new leasing guidance in ASC 842, Leases.
The Puerto Rico Department of Labor and Human Resources announces the filing of the returns will only be through the employer’s portal.
Act No. 257 of December 10, 2018 introduced a significant change to the Puerto Rico Sales and Use Tax (“SUT”) by eliminating the SUT on: (i) designated professional services, and (ii) services rendered to other merchants by persons whose annual volume of business does not exceed $200,000. These provisions became effective on March 1, 2019.
Move beyond compliance to performance driven risk management. Compliance and risk operations at financial services companies suffer a range of problems stemming from organizations’ efforts to achieve regulatory compliance while adjusting strategies, business models and approaches to risk. The current moment presents a real, and perhaps time-limited, opportunity to transform compliance and risk operations.
The Department of Treasury has issued the guidance to access the Annual Withholding Statements and Informative Returns through SURI.
The AICPA has released an early working draft in relation with Inventory Valuation Guidance to outline the considerations for estimating the fair value of inventory acquired in a business combination.
The accounting changes required to comply with Accounting Standards Codification 842 are not the most difficult part of compliance. Gathering all the data necessary to accurately reflect those changes is the biggest challenge.
The Department of the Treasury – Internal Revenue Service has published Publication 15, an Employer’s Tax Guide, which helps employers stay informed about the latest developments or legislation enacted.
This issue discusses the FASB proposed improvements to account for certain entertainment production costs.
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