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Financial statements audits
Financial statement audits
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Compliance audits
Compliance audits
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Compilations and reviews
Compilations and audit
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Agreed-upon procedures
Agreed-upon procedures
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Corporate and business tax
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
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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Sales and use tax and indirect taxes
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
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Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Forensic and investigative services
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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Fraud and investigations
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.
New Covid-19 Relief Bill for Businesses and Nonprofits
Caribbean Business - Special Feature
On Dec. 27, 2020, a new $900 billion Covid relief bill, the Consolidated Appropriations Act of 2021, was signed into law to provide more than $300 billion in aid for small businesses. The most significant provision of the act is the funding of the Paycheck Protection Program (PPP), for $284 billion.
Now that the PPP is back, it gives the hard-est-hit businesses the opportunity to obtain a second loan. If no PPP loan was obtained during the first round, this is a new opportunity to take advantage of this program. The new round of PPP loans opened to all participating lenders on Jan. 19, 2021 and will be open until March 31, 2021, commented Marta Rodríguez, Senior Advisory Manager for leading accounting and advisory firm Kevane Grant Thornton.
PPP eligibility
The new PPP round will be available to first-time qualified borrowers (PPP 1.0) and to businesses that previously received a PPP loan (PPP 2.0). PPP 1.0 borrowers will be subject to the pro-gram’s original eligibility rules. The original PPP was generally available to businesses with up to 500 employees that certified that “current economic uncertainty makes this loan request necessary” to support their continuing operations.
Previous PPP recipients may apply for up to $2 million with PPP 2.0 if they meet the following three requirements:
- have 300 or fewer employees;
- have used or will use the full amount of their first PPP loan; and
- can demonstrate a 25 percent gross revenue decline in any 2020 quarter compared with the same quarter in 2019.
The bill allows borrowers that returned all or part of a previous PPP loan to reapply for a second-round loan.
PP Loan Forgiveness
The new bill includes provisions that simplify the loan forgiveness process for loans under $150,000, and details additional eligible costs that can now be included in the loan forgiveness calculation. These changes also apply to borrowers who have not yet applied for forgiveness for their original PPP loan. Borrowers should watch for updates to the guidance since normally programs that are rolled out this quickly may be subsequently amended.
The loan application and the subsequent forgiveness calculation can be a complicated process since there are many factors to consider, such as reduction in number of employees and salaries, and limits in qualifying expenses. The assistance of a qualified accounting professional is key to understanding the guidance. This is where a CPA’s knowledge and judgement can make all the difference, commented Rodríguez, who is a CPA and Certified Valuation Analyst (CVA).
Tax matters and changes in the bill:
- Expenses paid with PPP funds are now deductible for federal income tax purposes. This was already permitted for Puerto Rico income tax purposes under Act 57-2020.
- The bill extends the deferral of an employee’s share of social security tax on wages paid from April 30, 2021, until Dec. 31, 2021.
- Extends the tax credit provisions of Families First Coronavirus Response Act (FF-CRA) Credits through March 31, 2021
- Extends the Employee Retention Tax Credit (ERC) through June 30, 2021. Businesses may now claim the ERC and the PPP loan, with certain limitations.
At Kevane Grant Thornton, we are committed to keeping you updated of any developments that may affect the way you do business in Puerto Rico. Please contact us for assistance in relation to this or any other matter, we will be glad to assist you.
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![Marta E. Rodríguez]()
Marta E. Rodríguez Marta is the partner head of advisory with over twenty years of experience in public accounting.View Profile
