On May 17, 2019, the Puerto Rico Department of the Treasury (“PR Treasury”) issued Internal Revenue Informative Bulletin No. 19-07, granting an additional extension until June 30, 2019 for employers to request the Federal...more
5/28/2019
/ Compensation & Benefits ,
Emergency Management Plans ,
Federal Aid ,
Hurricane Irma ,
Hurricane Maria ,
IRS ,
Natural Disasters ,
Puerto Rico ,
Retention Funds ,
Tax Relief ,
Time Extensions ,
Treasury
The Puerto Rico Department of the Treasury (the PR Treasury) issued Internal Revenue Informative Bulletin No. 19-01 extending the deadline to March 31, 2019, to request the Federal Employee Retention Benefit related to...more
The Puerto Rico Department of the Treasury (“PR Treasury”) has issued Internal Revenue Informative Bulletin No. 19-01, extending until March 31, 2019 the deadline to request the Federal Employee Retention Benefit (“Benefit”)...more
Last year, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Administrative Determination Number 17-29 (“AD 17-29”) to provide rules and procedures for allowing distributions from an IRA or a Puerto Rico...more
On September 29, 2018, the Disaster Tax Relief and Airport Extension Act of 2017, as amended (the “Act”), was adopted to, among other goals, provide tax relief to those affected by Hurricanes Irma and Maria. The Act includes...more
On October 4, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination No. 17-21 (AD 17-21) to exclude from gross income certain payments employers made to employees for...more
As previously discussed, on October 4, 2017, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Administrative Determination No. 17-21 (“AD 17-21”) granting temporary income tax exemption for payments...more
On November 15, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination Number 17-29 ("AD 17-29") to provide special rules and procedures applicable to distributions from...more
11/21/2017
/ Compensation & Benefits ,
Employee Benefits ,
Executive Orders ,
Hardship Distributions ,
Hurricane Maria ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Natural Disasters ,
Puerto Rico ,
Qualified Retirement Plans ,
Retirement Plan
On November 8, 2017, the Governor of Puerto Rico signed Executive Order No. 2017-067 (“EO 2017-067”) authorizing the Secretary of the Department of the Treasury (the “PR Treasury”) to establish tax rules for distributions...more
In the aftermath of Hurricane Maria's catastrophic impact on Puerto Rico, in order to assist in rebuilding and recovery, Puerto Rico’s governor and several agencies have issued multiple exemptions to previously established...more
10/17/2017
/ Administrative Orders ,
Building Permits ,
Construction Industry ,
Construction Project ,
Critical Infrastructure Sectors ,
Diesel Fuel ,
Excise Tax ,
Executive Orders ,
Exemptions ,
Extensions ,
Federal Contractors ,
Government Agencies ,
Hurricane Maria ,
Natural Disasters ,
Oil & Gas ,
Property Tax ,
Puerto Rico ,
Registration Requirement ,
Repairs ,
Tax Planning
On October 4, 2017, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Administrative Determination No. 17-21 (“AD 17-21”) granting temporary income tax exemptions for payments and certain benefits provided...more