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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.

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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.

In September 2015, the United Nations introduced an ambitious and transformative global agenda known as the Sustainable Development Goals (SDGs). Adopted by all 193 UN member states, these 17 interconnected goals aim to address pressing global challenges, such as poverty, inequality, climate change, environmental degradation, and peace and justice, by 2030. The SDGs represent a call to action to create a more equitable and sustainable world. Countries worldwide have been making commendable efforts to implement the SDGs. Take, for instance, Sweden, a frontrunner in sustainability, which is actively reducing carbon emissions and embracing renewable energy sources. This European country is aiming to have zero net emissions of greenhouse gasses into the atmosphere by 2045.

This publication is part of a four-part series. For a discussion on our previous articles in this series, refer to the following links: Puerto Rico Opens its Doors for Disregarded Entities | Grant Thornton Three become One: The New Pass-Through Entity Category | Grant Thornton Puerto Rico Income Tax Deductions for Corporations: A Step-by-Step Guide | Grant Thornton

Small and medium-sized businesses, also known as PyME or PyMEs (for its Spanish translation), represent an important sector of the Puerto Rican economy, as they play a substantial role in generating employment opportunities for the Island and boosting economic growth. According to the Department of Economic Development and Commerce (DEDC) PyMEs Annual Report, in 2019 PyMEs accounted for 91.4% of the total establishments in Puerto Rico, contributing 44.8% of the total jobs in the private sector, and representing 39.2% of the total payroll in Puerto Rico’s private sector during such year.

Small and medium enterprises play a substantial role in the Puerto Rican economy, as they generate many employment opportunities. Following the Government of Puerto Rico’s public policy on finding ways to strengthen this sector, the State Insurance Fund Corporation (SIFC) has introduced an incentive program through Administrative Order 23-04.

Over time, commercial transactions are constantly evolving due to digitalization and globalization of markets. Recent global events, such as the COVID-19 pandemic, further accelerated the transformation from the traditional work model into today's digital workplace. In this same way, governments are constantly adapting their tax rules to further regulate this new business environment according to the new market trends and needs. For example, the South Dakota v. Wayfair case (138 S. Ct. 2080), demonstrates how governments are adapting to technological advances while they continue collecting revenues digitally. This article provides a brief overview of the tax implications of the 2018 Wayfair ruling for Puerto Rican taxpayers, and how this case impacted the Puerto Rico Sales and Use Tax (PR SUT) since its issuance.

Go Beyond: Our Commercial Mission in Panama

This publication is part of a four-part series – Pass-through Entities, Corporations, and Individuals. For a discussion on our previous articles in this series, refer to the following links: Three become One: The New Pass-Through Entity Category | Grant Thornton Puerto Rico Opens its Doors for Disregarded Entities | Grant Thornton

#KevaneTravels: A Grant Thornton LATAM Meetup in Brazil!

Tax credits prove to be a highly useful instrument for taxpayers within the Puerto Rico tax system, in terms of tax strategizing and reducing their tax obligations. Although most of the tax credits can only be attained by eligible businesses under the Puerto Rico Incentives Code, the existence of a secondary market can make them within reach of every taxpayer and serve as a valuable tool for tax planning. In this article, we will dive into the realm of tax credits, giving you an overview to capitalize on these advantageous tax provisions benefiting your tax situation.

Every year, the Caribbean region prepares for the hurricane season, which starts on June 1st and ends on November 30th. As the years go by, climate change is becoming more dramatic, and atmospheric events are stronger and more unpredictable. In 2017, Puerto Rico experienced Hurricane Maria and its electricity grid and other utilities became increasingly unstable. Consequently, preparing for this season of the year is essential for the Puerto Rican residents. The Puerto Rico Treasury Department (PRTD), recognized that proper preparation is important, but it can also be costly. As a result, the island’s Internal Revenue Code, as amended (“the Code”), provides certain exemptions that serve as a relief to the financial burden of the taxpayer. This article explains the tax exemption on solar equipment, the non-applicability of the Sales and Use Tax ("SUT") on donations.

Environmental, social, and governance (ESG) has emerged as much more than an ecological responsibility subject. Environmental awareness has been around the neighborhood for over 60 years, but it wasn’t until 2004 that ESG was widely promoted by the United Nations Organization (UN) with its report, “Who Cares Win”. The report was the result of a joint initiative among financial institutions in nine (9) countries that had been invited by the United Nations to develop guidelines and recommendations on how to better integrate environmental, social, and corporate governance issues in asset management, securities brokerage services, and associated research functions.