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.
While tax laws change frequently, our compliance and consulting teams are ready to help you understand Puerto Rico's complex tax system
Helping you from the inception of your business to establishing and running an accounting department in Puerto Rico
The Puerto Rico Treasury Department has issued Informative Bulletin 18-18 with the electronic filing requirements for Forms 499R-2/W-2PR and Informative Returns for 2018.
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 Board discussed feedback received on the proposed practical expedient related to the separation and allocation requirements of lease and nonlease components for lessors included in the proposed ASU, Leases (Topic 842): Targeted Improvements, along with other implementation issues arising from ASU 2016-02, Leases.
On September 18, 2017, the Puerto Rico Department of Labor and Human Resources (the “PR DOL”) enacted a Regulation regarding the Puerto Rico’s Christmas Bonus Act, Act No. 148 of 1969. Such Regulation supersedes all prior regulations on the subject and establishes guidelines on implementation of the Christmas Bonus Law as amended by the Labor Transformation and Flexibility Act, Act No. 4 of 2017 (the “LTFA”).
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:
In this issue we will review the FASB propose amendments to the definition of collections to Not-For-Profit Entities.
The US Tax Cuts and Job Act of 2017 aims to spur long-term investments in low-income urban and rural communities throughout the US and Puerto Rico by investing in a qualified opportunity fund.
Companies have been employing digital technology for years, but they are only now committing themselves to pursuing durable digital transformations.
Employers will no longer have to visit the Department of Labor and Human Resources (DTRH) in search of posters of labor laws. Now they can download them through the internet and reproduce them at their convenience to comply with the obligation to place them in a visible area in your company.
When held by leadership, there’s no chance that risk management will be taken seriously. Significant fraud avoidance and mitigation are built on top-level awareness and commitment, and effective assessment to direct risk management activities.
On June 21, the U.S. Supreme Court handed down its decision in the South Dakota v. Wayfair, Inc. case (the Wayfair decision) related to sales and use tax nexus standards. In this ruling, the Supreme Court overruled its previous decisions in other landmark cases, commonly referred to as National Bellas Hess and Quill, which had established a physical presence nexus standard for sales and use tax purposes. Under these prior decisions, entities were generally not required to collect and remit sales and use tax in states where they had no physical presence but sold products “remotely” to customers.
How boards and executive teams communicate about risk, among themselves and through the ranks, determines much of the organization’s approach to risk. Leaders who have been focused on risk management primarily as compliance typically need to examine and discuss the broader risk picture.
