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Advisory Understanding and Utilizing Net Operating Losses (NOLs): How Puerto Rican businesses can carry forward or backward their NOLs to offset taxable income.
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.
Advisory Building a Sustainable Future
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.
Advisory Assessing Your Business Risks with SOC Reporting
System and Organization Control reports (SOC), provide insight into how a particular process is conducted. They also provide insight into whether the internal controls are adequate to maintain the desired level of accuracy, completeness or relevance when focusing on business processes. If you are concerned about information technology, SOC reports help assure that a control frameworks exist around the following criteria security, availability, processing integrity, confidentiality, privacy or other topics.
Advisory Article Manage the business risks behind cybersecurity
You didn’t go into business to manage cybersecurity. Still, your business needs to manage cybersecurity if it manages data — and almost every business manages data.
Advisory Article Upgrade your data governance
To effectively use and control data, businesses need effective data governance. The journey to effective data governance requires each business to identify its unique considerations, roles and rules that inform its principles of value and security.
Advisory Alert Increase preparedness for Cybersecurity attacks
In the recent events between Ukraine and Russia, the government and private organizations observed an increase in cybersecurity attacks that has been mostly used to target organizations in Ukraine and that may spread to other countries.
Unlock Unlock Puerto Rico
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
Advisory Article The smart approach to intelligent automation
As organizations streamline and adapt, the once-distant promise of business automation is delivering real results and defining tomorrow’s top competitors.
Advisory Article How internal audit can fortify cybersecurity
When you’re trying to stay a step ahead of ransomware attackers, adjusting your organization’s cybersecurity profile can start to seem like an endless game of whack-a-mole.
Advisory Article Liquidity planning in a crisis - How to increase speed, efficiency and effectiveness
When you can quickly forecast liquidity and be agile, you will help your organization see its runway during a crisis - a critical area to understand - and anticipate when you might run out of cash.
Advisory Article Accounting for revenue contracts acquired in a business combination
The FASB recently issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, creating an exception to the recognition and measurement principles in ASC 805, Business Combinations.
Advisory Article How internal controls can add business value
Internal controls have traditionally been viewed as a requirement to avoid regulatory, legal and external audit/examination consequences. Rarely they are seen as a strategy for building business value and consumer confidence.
Advisory Article Manage your evolving third-party risks
Third party resources, components, and goods are critical for many organizations to deliver consistent and high-quality performance. But it is hard for these organizations to form a complete picture of their third-party risk and compliance exposures, given the complexity of third-party ecosystems and shifting requirements for compliance and reporting.