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.
Puerto Rico offers various tax exemption grants to eligible entities, providing significant tax advantages and growth opportunities. Knowing the Sales and Use Tax (“SUT”) implications for entities that are beneficiaries of tax exemption grants is crucial for effective planning, establishing goals, and strategies, as well as minimizing the impact on the organization's finances.
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.
Meetings with PR and US Government have triggered the need to identify an alternative to the 4% excise tax of Act 154-2010.
In this issue we review the smaller reporting company redefined by the SEC.
Protecting your system and data from inside users is as important as protecting it from external threats.
Individuals and businesses should remit third estimated tax payment for taxable year 2019 due on September 16. In this alert, we will focus on in the Optional Tax available for self-employed individuals that derive their income substantially from services under Act 257-2018 and Act 60-2019.
Read the most significant amendments made by the Puerto Rico Incentives Code to the Puerto Rico Internal Revenue Code.
The Puerto Rico State Insurance Fund (CFSE for its acronym in Spanish) issued the Workers’ Compensation Premium Notice for the Final Premium Statement of the fiscal year 2018-2019 and the Preliminary Premium 2019-2020, for those policies that were not filed electronically.
Seven tips that will help companies steer through disruption.
The Qualified Opportunity Zones Priority Project Committee has published the list of Priority Projects within Opportunity Zones in Puerto Rico.
Learn the standards that will be affected by the proposals made by the FASB to defer some effective dates of several standards.
Why is fundamental to hire a CPA when investing in the opportunity zones?
Puerto Rico has greatly benefited from that splendid combination of being a US territory with its own fiscal autonomy. This has allowed the island to deploy a series of tax incentives strategies to provide for economic development. Evidence of this can be tracked down to the past century when, during the 1940’s, Puerto Rico began transitioning from an agricultural economy to a manufacturing haven for pharmaceuticals and other industrial operations
The Puerto Rico Treasury Department (“PRTD”) has recently issued several communications applicable to the filing and collection of the Sales and Use Tax (“SUT”).
For those taxpayers that requested an extension to file their income tax return, October 15 represents the final due date. Therefore, it is important to keep in mind important requirements regarding foreign information that may have to be included in your income tax return. There are significant penalties for US citizens and US residents who fail to file these forms
Accounting Standards Codification Topic 842 is the new lease accounting standard published by the Financial Accounting Standard Board (FASB), replacing the previous US GAAP leasing standard, ASC 840. This new accounting standard seeks to improve transparency, comparability, and financial reporting, however achieving compliance will require significant effort
In May 2014 the Financial Accounting Standard Board (FASB) and the International Accounting Standard Board (IASB) published their largely converged standards on revenue recognition. Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, and IFRS 15 with the same title, created a new principle-based revenue recognition framework that will affect nearly every revenue-generating entity.
To finish our tax incentives series and keep you informed of the most important changes to the incentives in Puerto Rico, we turn our attention to the Opportunity Zone Program, which was originally adopted in Puerto Rico on May 14, 2019 by Act 21-2019.
