News & Analysis as of

Distribution Rules Puerto Rico

Foley & Lardner LLP

Air Conditioning Distribution Dispute Frozen Out of Arbitration

Foley & Lardner LLP on

Air-Con and Daikin enjoyed a cooperative business relationship for the better part of 15 years. Beginning in 2000, Air-Con signed a written distribution agreement with Daikin Industries to be a “non-exclusive authorized...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Puerto Rico Government Plan-to-Private Plan Rollovers Allowed

On January 20, 2021, the Puerto Rico Department of the Treasury (Departamento de Hacienda, commonly known as “Hacienda”) issued Administrative Determination No. 21-01 (AD 21-01), which provides that lump-sum distributions...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

U.S. and Puerto Rico Issue Rules on Non-COVID-19 Disaster Relief for Retirement Plans

Last year, in response to the COVID-19 pandemic, the United States Congress and the Puerto Rico Department of Treasury (Hacienda) granted favorable tax treatment to coronavirus-related distributions (CRDs) and participant...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Puerto Rico Extends Due Date for Coronavirus-Related Distributions From Qualified Retirement Plans

On June 23, 2020, the Puerto Rico Department of the Treasury (commonly known by its Spanish-language name, Departamento de Hacienda de Puerto Rico, or Hacienda) issued Circular Letter of Internal Revenue No. 20-29 (CL 20-29),...more

Littler

Puerto Rico Treasury Department Extends Tax Exemptions for COVID-19 Employer-Provided Payments and Amends Rules for Qualified...

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Pursuant to the State of Emergency declared by Puerto Rico Governor Hon. Wanda Vázquez-Garced on March 12, 2020 in connection with the COVID-19 pandemic, and the Executive Order 2020-023 she issued shortly thereafter, most...more

Littler

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

Littler on

On February 20, 2020, the Puerto Rico Treasury Department (PR Treasury) issued Internal Revenue Circular Letter Number 20-09 (CC RI 20-09) to provide special rules and procedures applicable to distributions from qualified...more

Littler

Puerto Rico Treasury Department Extends Period to Make Hurricane-Related Retirement Plan Distributions

Littler on

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

Patterson Belknap Webb & Tyler LLP

Additional Hurricane Relief for Retirement Plan Participants Makes Landfall

On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”)1 was signed into law to provide aid to victims who are recovering from the recent hurricanes in August and September...more

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