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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
Trending articles
Tax Insight Tax Benefits for Investing in Local R&D and Innovation
7 min read | 07 Oct 2024
Tax Insight Sales and Use Tax: The impact of manufacturer's rebates and treatment of warranties
9 min read | 31 Oct 2024
Tax Insight A Deep Dive into Puerto Rico's Excise Taxes
3 min read | 07 Aug 2024
Tax Article Transfer Pricing: What is it and how can it benefit my business?
6 min read | 03 Jul 2024
Our latest insights
Automatic extension of time for 2017 Income Tax Returns
Tax Alert Automatic extension of time for 2017 Income Tax Returns
The Puerto Rico Treasury Department issued Administrative Determination No. 18-07 (“AD 18-07”) to provide an automatic extension of six (6) months for the filing of 2017 Income Tax Returns.
16 Apr 2018
Federal tax guide for the employers of Puerto Rico
Outsourcing Alert Federal tax guide for the employers of Puerto Rico
The federal tax guide for Puerto Rico employers (Publication 179) has issued some changes for taxable year 2018.
21 Mar 2018
Property casualty loss deduction for 2017 tax return
Tax Alert Property casualty loss deduction for 2017 tax return
The Puerto Rico Treasury Department issued Administrative Determination No. 18-05 (“AD 18-05”) to both confirm the requisite filing of documentation to properly claim the property casualty loss deduction, and to establish the process whereby this evidence will be submitted to the Puerto Rico Treasury Department for purposes of the 2017 Tax Return.
20 Mar 2018
Five ways to achieve performance-driven risk management
Advisory Alert Five ways to achieve performance-driven risk management
Achieving high performance in the current business environment demands an understanding of not only risk and risk management, but also truly integrated risk management and how to realize it.
19 Mar 2018
Pension plan accounting: updated mortality information
Audit Alert Pension plan accounting: updated mortality information
To measure a defined benefits plan’s cost and obligations under U. S. GAAP, a sponsor must use assumptions that reflect its best estimate of the plan’s future experience.
15 Mar 2018
What’s new under Social Security and Medicare
Outsourcing Alert What’s new under Social Security and Medicare
The Internal Revenue Service has issued Publication 15 - Employer’s Tax Guide 2018, which incorporates changes to Social Security and Medicare and disaster tax relief applicable to taxable year 2018.
19 Feb 2018
Brief overview of casualty losses for individuals
Tax Alert Brief overview of casualty losses for individuals
When one considers the level of devastation that hurricane Maria caused in Puerto Rico, it is no wonder that a surefire item of discussion during this tax season will be casualty losses. Conscious of this, below we provide you with an overview on how these are treated under both federal and local laws for individual tax purposes.
16 Feb 2018
Execs view M&A as critical to growth
Advisory Alert Execs view M&A as critical to growth
Half of middle market companies have bought or sold all or part of a business, or have merged with one. Read the takeaways from the National Center for the Middle Market (NCMM) survey.
15 Feb 2018
Land Easement Practical Expedient for Transition- Topic 842
Audit Alert Land Easement Practical Expedient for Transition- Topic 842
The FASB has issued ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842, to clarify how entities should apply the new guidance in ASC 842, Leases, to land easements.
14 Feb 2018
2018 an important tax year for Puerto Rico
Tax Alert 2018 an important tax year for Puerto Rico
No one can deny that 2017 was a momentous year for Puerto Rico. From the hopeful anticipation - or outright disdain - of new political administrations in the US and Puerto Rico, to the challenges of PROMESA and its Fiscal Oversight Board, many were the events that touched upon the varied areas of daily lives and shaped the days to come; and tax issues were not left unscathed.
24 Jan 2018
Achieving integrated risk management
Advisory Alert Achieving integrated risk management
Performance-driven risk management is a key characteristic of some of the world’s most successful companies. Integrated risk management is an essential step in achieving performance-driven risk management.
22 Jan 2018
Informative Returns Reporting Requirements in Puerto Rico
Outsourcing Alert Informative Returns Reporting Requirements in Puerto Rico
The Puerto Rico Treasury Department (PRTD) has issued the Informative Bulletin 17-06 announcing changes on informative returns reporting requirements for taxable year 2017.
19 Jan 2018
Lease Accounting
Audit Alert Lease Accounting
The FASB has issued a proposed ASU, Leases (Topic 842): Targeted Improvements, to provide entities with an additional transition method when applying ASC 842, Leases, and to provide lessors with a practical expedient when separating non-lease components from lease components under the new leasing guidance.
18 Jan 2018
Tax Alert
Puerto Rico 2017 tax due dates Tax Alert
Income Tax Returns for individuals and corporations are due on or before the 15th day of the fourth month following the close of the entity’s taxable year. For calendar year taxpayers whose tax year ended on December 31, 2016 the corresponding due date this year is April 18, 2017.
17 Mar 2017
Proposed Regulations for the Interagency Validation Portal created under Act 187-2015
Tax Alert Proposed Regulations for the Interagency Validation Portal created under Act 187-2015
On November 17, 2015, Act No. 187-2015 (the “Act”) was approved to create the Interagency Validation Portal for the Granting of Incentives for the Economic Development of Puerto Rico (the “Portal”), which will be directly supervised by the Puerto Rico Institute of Statistics (“PRIS”). The portal will be the vehicle through which Certifying (Issuing) Agencies and Granting (Recipient) Agencies will communicate to process, oversee, validate and award (including renovations, extensions and amendments) the tax incentives or benefits from the 34 legislative acts which promote the economic development of Puerto Rico.
26 Jan 2017
Proposed extension of 4% excise tax on property and services
Tax Alert Proposed extension of 4% excise tax on property and services
On January 9, 2017, Governor Ricardo Rosselló Nevárez’s Administration, through the House of Representatives’s majority delegation, introduced House Bill No. 451 (“Bill 451”) to, among others, amend Section 2101 Puerto Rico Internal Revenue Code of Puerto Rico of 1994 (the “1994 Code”), in order to extend the term of the excise tax on certain tangible property and services.
13 Jan 2017
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