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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?

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.

To continue 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 following incentives: Bona Fide Farmers and Agricultural Businesses, previously included in Act No. 225 of December 1, 2005; Economic Incentives for the Film Industry of Puerto Rico, previously contained within Act No. 27 of March 4, 2011; Incentives for Young Entrepreneurs, previously included in Act 135 of August 7, 2014; Business Incubator Incentive Program, previously included in Act 95-2013; and Exemptions to Public Air Transport Services, previously contained within Act No. 135 of May 9, 1945.

EITF discusses the revenue contract liabilities, interactions between Topics 321 and 323, and modifications of licenses of intellectual property.

The Department of Labor and Human Resources (DTRH) of Puerto Rico, has issued a notification to remind employers that the period to file the State Unemployment and Disability Quarterly Return, expires the next Wednesday, July 31, 2019.

To continue our series regarding Act 60-2019, known as the “PR Incentives Code” (“Act”) and keep you informed of the most important changes to the incentives in Puerto Rico, we turn our attention to: • Qualified Physicians, previously within Act No.14-2017; • New incentive for researcher and scientists; • New incentive grant for professional residents of difficult recruitment; • New internship program for young people, entrepreneurs and first experience employment incentives; • New Incentive program for elderly people; and • New Incentive program known as My Future Account.