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.
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.
Instability has come to define the global business landscape. Today, business leaders face an unprecedented array of both routine operational challenges and unpredictable global or regional shocks – challenging their ability to function and grow. From infrastructure breakdowns and cyberattacks to climate disasters and volatile shifts in global trade, disruption has become a daily reality.
Did you know that the government of Puerto Rico has implemented various tax breaks and incentives to encourage businesses to go green? These offer a series of financial benefits to businesses that incorporate sustainable and eco-friendly practices into their operations. This article will provide you with knowledge about the incentives and what benefits they offer to businesses.
Choosing the right business structure is one of the most important decisions any entrepreneur or business owner needs to make. This decision will not only affect the daily operations of the business but will also have a direct impact on how income, deductions, and overall tax obligations are treated. In Puerto Rico, the tax laws are unique and while there are similarities with the federal tax regulations in the United States, they have distinctive characteristics that can significantly influence your tax situation.
As the new tax season is starting, we would like to remind you that if you made gifts during 2024, you may be required to report them on a gift tax return. For Puerto Rico purposes, generally, any person who makes a reportable gift over ten thousand dollars ($10,000) per donee must file an Informative Gift Tax Return on or before January 31 of the year following the gift. A three-month automatic extension is available, and if the donor is outside of Puerto Rico, an extension may be granted for up to six months.
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.
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 individuals, businesses, and sales and use tax considerations.
Exploring the sustainability journey for the mid-market and what's driving these organisations to take action.
In Puerto Rico, the treatment of manufacturer’s rebates and warranties affects the sales price of tangible personal property and its corresponding Sales and Use Tax (“SUT”). Despite the fact that the Puerto Rico Treasury Department published guidance on this matter, sellers and buyers had different views on how to treat the rebates and warranties when computing the sales price of a transaction, which in turn resulted in discrepancies over the accuracy of the seller's SUT calculation.
In today's rapidly evolving global economy, businesses must continuously innovate and update their technology, products, and services to stay competitive. Research and Development (R&D) is critical in this process, driving innovation and enhancing the companies’ offerings. These activities stimulate competition, promote economic growth, and create a healthier business environment.
Firms need to make a determined and conscious effort to address the leadership pipeline to mitigate against the harm of gender-biased future tech.
Our energy leaders from the Grant Thornton network discuss the latest International Business Report and how businesses in their countries are considering energy costs.
Excise taxes play a fundamental role in Puerto Rico's fiscal policy, impacting both individuals and businesses across various sectors. Understanding the complexities of these taxes, along with available exemptions and strategic management approaches, is essential for maintaining compliance and optimizing financial strategies. Excise taxes in Puerto Rico are specific taxes imposed on the sale, use, consumption, importation, or manufacture of certain goods. They are different from income taxes and sales and use taxes, focusing on targeted items. These items are detailed in Sections 3020.01 through 3020.12 of Subtitle C, Chapter 2. of the Puerto Rico Internal Revenue Code of 2011, as amended, (“PR Tax Code”). All sections cited below are in relation to the PR Tax Code.
Women’s leadership in senior positions can impact the commercial performance of mid-market businesses including profit expectations.
On May 11, 2021, the Puerto Rico Treasury Department issued Administrative Determination No. 21-05 and determined that, for taxable years that begin after December 31, 2018, taxpayers will be able to deduct 100% of the expenses incurred or paid to stockholders, related persons or entities not engaged in trade or business in Puerto Rico, as long as the expenses are based on a Transfer Pricing Study that has been issued and is available at the time of filing the tax return. This article will provide you with an explanation of what exactly is transfer pricing, and how a Transfer Pricing Study may benefit your business.
How can recruitment and retention help grow international business?
It’s been almost two years since Act 52-2022 introduced a noteworthy change to Puerto Rico's income tax regime by adopting the Disregarded Entity (DE) treatment. This change aligns Puerto Rico’s taxation treatment of single-member entities with the one established by the U.S. federal tax code for DE. Its purpose is to foster local parity for owners who have elected this option for their entities in the U.S. One key aspect to consider is that certain local rules for DEs may differ from the ones established in the U.S.
Grant Thornton’s latest International Business Report (IBR) reveals that the mid-market has high expectations for prospects abroad and is showing an eager appetite to invest.
