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We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
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Agreed-upon procedures
At Kevane Grant Thornton, tax is a key part of our organization and our award-winning teams can offer you a range of solutions, whatever the size of your...
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Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Tax compliance
Business Tax
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Individual taxes
Individual taxes
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Estate and succession planning
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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SUT/ VAT & indirect taxes
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Tax incentives program
Tax incentives program
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Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
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Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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The commercial landscape is changing fast. An ever more regulated environment means organizations today must adopt stringent governance and compliance processes. As business has become global, organizations need to adapt to deal with multi-jurisdictional investigations, litigation, and dispute resolution, address the threat of cyber-attack and at the same time protect the organization’s value.
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Dispute resolutions
Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
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Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Internal audit
We work with our clients to assess their corporate level risk, identify areas of greatest risk and develop appropriate work plans and audit programs to mitigate these risks.
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Service organization reports
As a service organization, you know how important it is to produce a report for your customers and their auditors that instills confidence and enhances their trust in your services. Grant Thornton Advisory professionals can help you determine which report(s) will satisfy your customers’ needs and provide relevant information to your customers and customers’ auditors that will be a business benefit to you.
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Transaction advisory services
Transactions are significant events in the life of a business – a successful deal that can have a lasting impact on the future shape of the organizations involved. Because the stakes are high for both buyers and sellers, experience, determination and pragmatism are required to bring deals safely through to conclusion.
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Mergers and acquisitions
Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
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Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Our outsourcing services allow you to save time and money in order to concentrate on the competencies and the core business activities.
Emerging markets and shifting consumer demand are creating new opportunities in food and beverage, with business leaders investing in new products, markets and...
Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To succeed,...
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Across the globe, not for profit organizations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...
We work with all types of agencies, including central and state government, local government, donors (including bilateral and multilateral international...
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Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in hospitality and tourism. At Grant Thornton, we know...
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Outsourcing Alert
Reporting of qualified payments under AD No. 17-21
19 Dec 2017As informed in our Tax Alert of October 9, 2017, the Puerto Rico Treasury Department (PRTD) issued the Administrative Determination 17-21 (AD 17-21) with purpose of establishing a temporary exemption on those payments made by an employer in favor of its employees to compensate the damages and losses received by individuals as a result of the passing of Hurricane Maria.
In accordance with this Administrative Determination and in a supplementary manner, the Department of the Treasury also issued a Q & As publication with the purpose of addressing the most frequent questions arising as a result of the publication of the AD 17-21.
Significant notes
- those qualified payments, as defined by DA 17-21, will be considered as excluded from the term "gross income" in accordance with Section 1031.01 (b) of the Internal Revenue Code of Puerto Rico of 2011, as amended ("Code").
- the employer may deduct qualified payments to determine its net income subject to income tax provided that it is reported on the employee's Withholding Statement Form W-2PR.
- qualified payments will be deductible to determine the net income subject to tax on the employer's income, regardless of whether they exceed one thousand dollars ($ 1,000) per employee per month. However, any excess will have to be reported as taxable income in the employee's Withholding Statement (Form W-2PR) or in the informative return of income subject to withholding (Form 480.6B), as applicable.
- any payment made by a merchant to an independent contractor that is a natural person and that meets all the requirements of a qualified payment, will be considered as such even though there is no employee-employer relationship between the independent contractor and the merchant. The merchant may deduct qualified payments to determine its net income subject to income tax provided that these payments were reported on Form 480.6D, as applicable.
Links:
Administrative Determination No. 17-21
Q & As under Administrative Determination No. 17-21
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