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.
Top five major constraints that are testing the mid-market’s ability to grow their businesses internationally.
Brand has been identified as a key driver of mid-market success when looking to grow and develop international business.
Evolving supply chains and trade patterns amid ongoing global uncertainty.
If you are looking for alternatives to expand your current operations or investment opportunities, now is the time to bring Puerto Rico at the front and center. The benefits of establishing, relocating or expanding businesses in Puerto Rico are, without a doubt, attractive and rarely surpassed by any other jurisdiction.
On October 31, 2016, the Department of the Treasury launched the Unified Internal Revenue System, better known as SURI. Since then, there have been multiple updates and improvements to SURI, all in efforts to integrate and streamline tax and revenue administration to drop the complexity of having multiple systems for the benefit of the Treasury and the taxpayer. Each year it is more common for the processing time of electronically filed returns to decrease significantly, in some cases, it can take less than a week. Therefore, notices are received quickly easing a Tax Audit for the Treasury. We believe that an effective way to start and/or prepare for the 2024 tax season is to know the implications of an audit and how to be prepared for it. It is important to know the requirements that the law demands of taxpayers to follow the provisions of the Puerto Rico Internal Revenue Code of 2011. Although there are other types of audits in Puerto Rico, that are performed by the different governmental agencies in the Island, this article will cover tax audits by the Puerto Rico Treasury Department.
The Grant Thornton International Business Report (IBR) is the world’s leading mid-market business survey. Launched in 1992, IBR provides deep analysis and insight into the views and expectations of around 15,000 business leaders globally. The research runs quarterly, interviewing senior executives within mid-market organisations across 35 economies, from all industry sectors. Questionnaires are translated into local languages and fieldwork is undertaken through a mixed methodology, including online and telephone platforms.
Key Leadership Skills to Expand Your Business Internationally
Act 52 of June 30, 2022 (“Act 52”) modified several Sales and Use Tax (“SUT”) sections of the Puerto Rico Internal Revenue Code of 2011, as amended (“the Code”), expanding the scope of the term "marketplace seller" and "marketplace facilitator" to include the sale of “admission rights”. As a result of these amendments, the Puerto Rico Treasury Department (“PRTD”) reviewed the process to be followed by ticket seller companies and promoters to comply with the new rules. This article will guide you on the post-Act 52 requirements and processes that impact these businesses.
2024 marks the 20th year of Grant Thornton’s work to monitor and measure the proportion of women occupying senior management roles in mid-market companies around the world.
This is the second article of the two-part series dedicated to topics to discuss with your tax advisor at the beginning of the year. If you missed the first edition refer to New Year's Checklist- Stay Ahead of your Taxes (Part I) Planning for current year tax filings | Grant Thornton In our last article, we summarized the benefits of having a strategy call with your tax advisor to address items affecting your tax liability for the year-end early on. In this article, we will address key areas to consider that will help you proactively address aspects of the tax year currently in place. Discounts available for early tax payments Municipal license tax The PR Municipal Code requires the payment of the municipal license on the first 15 days of the semester for the business year.
The Corporate Transparency Act (“CTA”) established reporting requirements for certain entities (known as reporting companies) that are formed or operated within the United States of America (“U.S.”). The CTA mandates the submission of the Beneficial Ownership Information Report (“BOI Report”) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”), with the purpose of enhancing transparency and reducing illicit financial activities. This tax update offers a brief overview of the requirements for the BOI Report and Kevane Grant Thornton (“KGT”)’s outlook to this new registration and filing requirement amidst the upcoming tax season.
New Year's Checklist- Stay Ahead of your Taxes (Part I) Planning for current year tax filings
Tax Considerations for Digital Nomads and Remote Work: How the rise of remote work affects businesses and their taxation in Puerto Rico.
Key Leadership Skills to Expand Your Business Internationally
Net operating losses (NOLs) can be a boon for corporations that experience a down year, allowing them to offset taxable income in other years. But, NOLs come with complex rules and limitations, so it's important to understand your options. This article will answer all your frequently asked questions about NOLs, including what they are, how to calculate them, whether they can be carried back or forward, how to claim them, and what limitations and special rules apply. By the end, you'll have the knowledge you need to use NOLs to your corporation's advantage.
