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Insights Navigating tariffs: Maintaining mid-market resilience amid ongoing uncertainty.
Navigating tariffs : Maintaining mid-market resilience amid ongoing uncertainty. At the close of 2024, mid-market businesses were riding a steady wave of optimism. According to Grant Thornton's International Business Report (IBR) research 54.6% of mid-market firms planned to increase their exports, with a similarly strong 50.3% expecting revenue growth from international markets. However, as we entered 2025 trade tensions escalated, with optimism experiencing its first notable dip in two years (down 2.9pp to 72.7%). Despite these early signs of caution emerging among mid-market leaders though, the underlying fundamentals – rooted in agility and strategic foresight – remained relatively robust.
4 min read | 31 Mar 2025
Do I need a Transfer Pricing Study to file my entity’s tax return?
Tax Insight Do I need a Transfer Pricing Study to file my entity’s tax return?
For many years, the Puerto Rico Treasury Department (PR Treasury) has been looking for ways to oversee the amount of expenses that entities in Puerto Rico get charged or allocated by related entities outside Puerto Rico. In Puerto Rico, it is very common to have entities operating here as subsidiaries or branches of foreign entities, where the Parent Company or Home Office is in the United States or elsewhere.
3 min read | 30 Apr 2025
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2025 Tax Calendar 2025 Tax Calendar
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.
23 Jan 2025
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Tax Article Transfer Pricing: What is it and how can it benefit my business?
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Our latest insights
Preparing for the new lessor accounting standards
Audit Article Preparing for the new lessor accounting standards
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:
19 Sep 2018
Amendment to Act 20-2012, The Export Services Act
Tax Article Amendment to Act 20-2012, The Export Services Act
On July 25, 2018, Act No. 20 of 2012 (“Act 20-2012”) was amended by Act 157 of 2018 (“Act 157-2018”) to extend its limited exemption on property taxes to other eligible service industries within Act 20.
18 Sep 2018
Design for revenue recognition success, not just compliance
Advisory Article Design for revenue recognition success, not just compliance
ASC 606 revenue recognition standard will affect the revenue recognition of most companies. While this implementation takes place, companies should also focus on the opportunity for an enhanced revenue stream.
17 Sep 2018
Employers may withhold salary for the repayment of emergency aid
Outsourcing Article Employers may withhold salary for the repayment of emergency aid
Act No. 115 was amended to allow employers to obtain written authorization from their non-exempt employees, who were aided during a situation of emergency.
20 Aug 2018
Board proposes amendments to definition of collections
Audit Article Board proposes amendments to definition of collections
In this issue we will review the FASB propose amendments to the definition of collections to Not-For-Profit Entities.
17 Aug 2018
Update to the federal Qualified Opportunity Zone
Tax Article Update to the federal Qualified Opportunity Zone
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.
15 Aug 2018
Deploying digital capabitilities to reinvent business models
Advisory Article Deploying digital capabitilities to reinvent business models
Companies have been employing digital technology for years, but they are only now committing themselves to pursuing durable digital transformations.
14 Aug 2018
Puerto Rico recent tax legislation
Tax update Puerto Rico recent tax legislation
This is a brief overview of recently enacted (during the last extraordinary session) tax statutes in Puerto Rico. The much-awaited Tax Reform and Incentives Code were not approved during this session, though it is expected that they will be considered in the August session.
24 Jul 2018
Department of Labor and Human Resources issues new tool
Outsourcing Article Department of Labor and Human Resources issues new tool
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.
19 Jul 2018
Tax credits committee dissolved in Puerto Rico
Tax article Tax credits committee dissolved in Puerto Rico
On July 2, 2018, the Puerto Fiscal Agency and Financial Advisory Authority (“AAFAF” for its acronym in Spanish), issued Administrative Order OA-2018-10 to dissolve the Tax Credits and Disbursements Authorization Committee constituted and authorized under AAFAF’s Administrative Order OA-2017-01.
19 Jul 2018
Manage your fraud risk in 5 phases
Advisory Article Manage your fraud risk in 5 phases
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.
13 Jul 2018
Accounting and financial reporting in Wayfair decision
Audit Article Accounting and financial reporting in Wayfair decision
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.
11 Jul 2018
Puerto Rico Sales and Use Tax Alert
Tax alert Puerto Rico Sales and Use Tax Alert
Puerto Rico Senate presented Bill No. 1016 proposing a Sales and Use Tax (SUT) exemption period of three(3) days in the mont of June covering the sale of essential articles needed to be prepared for the hurricane season There is a verdict in the case of South Dakota v. Wayfair. On June 21, 2018, The Supreme Court has decided that remote sellers have to collect the sales taxes in States where they have no physical presence.
06 Jul 2018
Leaders can build risk- resilient organizations
Advisory Leaders can build risk- resilient organizations
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.
26 Jun 2018
Back to school tax free periods during 2018-19
Tax Back to school tax free periods during 2018-19
The Puerto Rico Treasury Department released Internal Revenue Circular Letter 18-10 to establish the dates for the back to school tax free periods for the fiscal year 2018-2019 and also to establish the articles that will be exempt from Sales and Use Tax (“SUT”) during these periods.
22 Jun 2018
SEC proposes amendments to Regulation S-X, Rule 2-01
Audit SEC proposes amendments to Regulation S-X, Rule 2-01
The SEC has issued a Proposed Rule, Auditor Independence with Respect to Certain Loans or Debtor-Creditor Relationships, which is designed to amend certain provisions of the auditor independence requirements under Regulation S-X, Rule 2-01.
20 Jun 2018
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