Pursuant to the current income tax withholding rules issued by the Puerto Rico Department of the Treasury, there are specific income tax withholding rules applicable when a Christmas bonus is paid, which differ from those...more
On March 11, 2016, the Puerto Rico Department of the Treasury (“PR Treasury”) issued Administrative Determination No. 16-05 (“AD 16-05”), eliminating the requirement to file PR Treasury Form 480.70(OE) for retirement plans...more