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On Thursday, June 4, the IRS issued Notice 2020-39, which provides additional relief measures for qualified opportunity funds (QOFs) and investors affected by the COVID-19 specifically in relation to several due dates.

On June 14, 2020, the Governor of Puerto Rico signed Act 57-2020, known as the “Complementary Law to Address the Effects of the COVID-19 Emergency on the Puerto Rican Economy” (the Act), which comprises a package of measures to reactivate the economy, support businesses and protect workers.

On this alert, we summarize the program guidelines published on June 3, 2020 by the Puerto Rico Treasury Department: Internal Revenue Circular Letter 20-26.

What other tax areas of your business you need to consider beside the filing and payments?

On April 1, 2020 the governor of Puerto Rico signed Act 40 of 2020 (“Act 40”) which amends, eliminates and creates several Laws which have an economic effect in Puerto Rico.

The Incentives Code of Puerto Rico has been amended to include general practitioners under the definition of Qualified Doctors.

The Puerto Rico Incentives Code provides an incentive for the telemedicine exportation of services.

During the past few days, the Puerto Rico Treasury Department has issued various communications to aid taxpayers during the actual COVID 19 emergency.

Since January 2020, Puerto Rico has gone through various emergencies that have prompted the Puerto Rico Department of the Treasury (“Treasury”) to issue certain publications with procedures to help taxpayers face the economic challenges of these events.

The world is going through an unprecedented health crisis due to Covid-19 and the economic future of several business has been jeopardized. For this reason, the President of the United States signed several Acts providing economic support and relief packages to the business sector.

New guidelines, processes, and standards for the implementation of the economic incentive for small and medium businesses affected by COVID-19

AD 20-10 Measures to assist taxpayers and merchants affected by COVID-19

the Puerto Rico Treasury Department “PRTD” issued several publications extending the due date of several returns, declarations and forms. T

2019 Informative Returns filing date extended as a result of COVID 19

As a result, the Puerto Rico Department of Treasury issued Administrative Determination 20-08 to provide a temporary exemption from the state and municipal Sales and Use Tax (“SUT”) established in Sections 4020.01, 4210.01 and 6080.14 of the Code, to the prepared food purchased by any natural person located in Puerto Rico (“Temporary SUT Exemption in Prepared Food”)

The Puerto Rico Treasury Department has issued Administrative Determinations No. 20-03 and 20-05 informing the deadline postponement to file certain forms and declarations along with the payment of certain taxes that are due during the months of March and April 2020 and establishes that no interest, surcharges or penalties will be imposed due to said postponement.