Tax Alert New Agreed Upon Procedures
The Puerto Rico Treasury Department has determined that the type of report that must be attached to the Income Tax Return at the time of its submission, to
Tax Article Year-end tax planning considerations: To audit or not to audit
With the enactment of Act 40-2020, the requirements of submitting financial statements with the income tax returns for the years ending after December 31, 2019
Tax Article Changes Applicable to Taxable Year 2020
Time to look ahead and consider some important tax planning aspects for the upcoming tax filing season.
Tax Alert Your estate plan – four changes brought in by the new Puerto Rico Civil Code
An estate planning is not only planning for life after you die; it is also about planning for what happens with you and your property if you become disabled.
Tax Alert Update on 2019 Personal Property Tax Return due date and presentation of Audited Financial statements
An extension of time has been issued for the filing of the 2019 Personal Property tax return and the presentation of Audited Financial Statements.
Tax Alert Postponement to filing of 2019 Annual Report and amnesty period
The Puerto Rico Department of State has issued Administrative Orders related to the postponement to filing of 2019 Annual Report and amnesty period.
Tax Article A new Puerto Rico Municipal Code has been enacted
The Governor of Puerto Rico has signed into law Act 107-2020, known as the Puerto Rico Municipal Code (“Municipal Code”) with the purpose of integrating,
Tax Article Foreign taxpayers: Hiring Puerto Rico residents during the COVID-19 pandemic
The need of businesses to continue operating remotely as a result of COVID 19 has brought some tax implications for foreign taxpayers and their Puerto Rico
Tax Article Physical Presence Test to bona fide residents in Puerto Rico during the COVID-19 Pandemic
The physical presence test for bona fide residents of Puerto Rico for 2020 will prove to be a different one due to COVID-19 travel and related disruptions.
Tax alert Cash Basis method of accounting for the construction industry
The Puerto Rico Treasury Department issued Administrative Determination 20-19 with the purpose of clarifying the mechanism available for merchants engaged in
Tax Alert Personal Property Estimated Tax payment – first quarter of 2020 extended
On August 5, 2020, the Municipal Revenue Collection Center or “CRIM”, issued Administrative Order 2020-12 with the purpose of extending the payment term for
Tax Alert SUT free period for the purchase of school uniforms and materials
The Puerto Rico Treasury Department issued Administrative Determination 20-18 with the purpose of adding two days to the first sales and use tax free period

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