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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 individuals, businesses, and sales and use tax considerations.

Digitization is allowing tax authorities in Puerto Rico to collect tax data in real time or near real time, and use the information to respond quickly and in targeted ways to perceived compliance risks.

The Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”) allows relief measures for zones and areas that were affected by Hurricanes Harvey, Irma and Maria. Of particular interest was the concession of a business tax credit to employers for employee retention on disaster areas under the U.S. Internal Revenue Code of 1986, as amended (the “IRC”).

On April 27, 2018, The Puerto Rico Department of Labor and Human Resources informed the intention to adopt a new regulation for the administration of the unemployment insurance program.

On March 7, the FASB met to discuss stakeholders’ comments on two proposed ASUs featuring targeted improvements to the new leasing guidance and amendments to the disclosure requirements for fair value measurement. These discussions are summarized below.

In recent years, the world has seen exponential growth in the amount of data being captured, processed and stored by organizations, mirrored by a relative reduction in the cost of data storage itself. As a result, the timely, accurate analysis and appropriate management of these vast amounts of data (‘big data’) is where organizations can recognize real business value.

Act 25 of 2017 created a new category of merchants known as “Non-withholding Agent”. These merchants are engaged in the business of “mail order sales” and their only contact with Puerto Rico is that the buyer is a resident of Puerto Rico or a person carrying on a trade or business in Puerto Rico.

The federal tax guide for Puerto Rico employers (Publication 179) has issued the following changes for taxable year 2018.

New guidance has been issued addressing the new topics stressing the importance of companies policies and procedures around the timely disclosure of cybersecurity risk and incidents, as well as the applications of insider trading prohibitions within the cybersecurity context.

The Opportunity Zones legislation aims to foster the creation and expansion of businesses in certain communities through short- term and long-term capital gains tax deferral and the potential of significant set-up in basis.

This new update helps organizations manage risk differently - it paves a new path towards the evaluation of how risk is used in the strategic decision making process, which ultimately affects an organization’s performance.

The Puerto Rico Treasury Department (the “PRTD”) issued Internal Revenue Circular Letter No. 18-06 to establish the terms and conditions for the procurement and issuance of Payment Plans for the 2017 Income Tax Return.

The federal tax guide for Puerto Rico employers (Publication 179) has issued some changes for taxable year 2018.

The Puerto Rico Treasury Department issued Administrative Determination No. 18-05 (“AD 18-05”) to both confirm the requisite filing of documentation to properly claim the property casualty loss deduction, and to establish the process whereby this evidence will be submitted to the Puerto Rico Treasury Department for purposes of the 2017 Tax Return.

Achieving high performance in the current business environment demands an understanding of not only risk and risk management, but also truly integrated risk management and how to realize it.

To measure a defined benefits plan’s cost and obligations under U. S. GAAP, a sponsor must use assumptions that reflect its best estimate of the plan’s future experience.