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Compensation & Benefits Puerto Rico

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Puerto Rico Department of the Treasury Announces 2024 Limits on Qualified Retirement Plans

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On January 31, 2024, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 24-01 (CL IR 24-01) announcing the applicable 2024 limits for Puerto Rico qualified retirement plans. Pursuant to...more

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Puerto Rico Department of the Treasury Announces 2023 Limits on Qualified Retirement Plans

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The Puerto Rico Department of the Treasury recently issued Internal Revenue Circular Letter No. 23-01 (CL IR 23-01) announcing the applicable 2023 limits for Puerto Rico qualified retirement plans. Pursuant to Section...more

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Puerto Rico Employers Offering Internship Programs Must Comply with New Law

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On December 27, 2022, Gov. Pedro Pierluisi signed Act 114 of 2022, known as the “Puerto Rico Fair Internships Act” (Act. 114) into law. Act 114 seeks to offer compensatory protections to students who are part of internship...more

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Puerto Rico Treasury Department Takes Action in Response to Hurricane Fiona

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On September 17, 2022, Puerto Rico Governor Hon. Pedro Pierluisi issued Executive Order No. OE-2022-045, declaring a state of emergency due to the passing of Hurricane Fiona through the Island. Likewise, on September 21,...more

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Puerto Rico Department of the Treasury Announces 2022 Limits on Qualified Retirement Plans

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On January 14, 2022, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 22-01 (CL IR 22-01) announcing the applicable 2022 limits for Puerto Rico qualified retirement plans. ...more

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Puerto Rico: Pandemic Assistance Packages and their Effect on Christmas Bonus Exemption for Private Employers

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On November 16, 2020, the Puerto Rico Department of Labor and Human Resources (“PR DOL”) issued Circular Letter No. 2020-05, discussing considerations for private sector employers when requesting an exemption from paying the...more

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Employees’ Compensation Following the Earthquake Situation in Puerto Rico

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Since late December 2019, a series of earthquakes and aftershocks have struck the southwest region of Puerto Rico, causing many structures to collapse or to sustain severe structural damage. Intermittent electrical service,...more

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Puerto Rico Department of the Treasury Announces 2020 Limits on Qualified Retirement Plans

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On December 28, 2019, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 19-17 (CL IR 19-17) announcing the applicable limits for Puerto Rico qualified retirement plans for 2020....more

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Puerto Rico Treasury Again Extends Deadlines to Request Federal Employee Retention Benefit After Hurricanes Irma And María

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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

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Puerto Rico Treasury Extends Deadlines to Request Federal Employee Retention Benefit After Hurricanes Irma And María

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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

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Puerto Rico Treasury Department Issues Post-Hurricane Rules for Qualified Retirement Plan and IRA Distributions and Loans

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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

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Puerto Rico Governor Signs Executive Order Authorizing Rules for Retirement Plan and IRA Distributions in the Wake of Recent...

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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

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