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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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While tax laws change frequently, our compliance and consulting teams are ready to help you understand Puerto Rico's complex tax system

Today's business complexities compel us to stay abreast of accounting issues

Helping you from the inception of your business to establishing and running an accounting department in Puerto Rico

Travel and entertainment expenses are sometimes small amounts that taken individually are generally insignificant, and because the items involved are so numerous and so small, auditing them individually would be prohibitively expensive. However, these expenses taken collectively are significant.

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: