News & Analysis as of

Internal Revenue Service Employee Benefits Puerto Rico

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Littler

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

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

Puerto Rico - Qualified Retirement Plans: 2020 Year-End Amendments Deadline Coming Soon

With the fourth quarter of 2020 upon us, it is time to evaluate the year-end amendments that may be needed for retirement plans that are tax-qualified in Puerto Rico. Unlike the Internal Revenue Service, which each year...more

Littler

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

Littler

Puerto Rico Department of the Treasury Announces 2019 Limits on Qualified Retirement Plans

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On December 31, 2018, the Puerto Rico Department of the Treasury (PR Treasury) issued Internal Revenue Informative Bulletin No. 18-24 (IB 18-24) announcing the 2019 applicable limits for Puerto Rico qualified retirement...more

Littler

Puerto Rico Department of the Treasury Announces 2018 Limits on Qualified Retirement Plans

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On December 15, 2017, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Tax Policy Circular Letter No. 17-02 (“CL 7-02”) announcing the 2018 applicable contribution limits for qualified retirement plans....more

Littler

Puerto Rico Treasury Announces 2017 Limits on Qualified Retirement Plans

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On December 8, 2016, the Puerto Rico Department of the Treasury issued its Tax Policy Circular Letter No. 16-07 (“CL 16-07”), announcing the applicable limits for 2017 for qualified retirement plans. Pursuant to Section...more

McDermott Will & Emery

IRS Permits Puerto Rico-Qualified Plans in U.S. Group Trusts, Extends Deadline for Certain Puerto Rico Spin-Offs

McDermott Will & Emery on

The U.S. Internal Revenue Service (IRS) recently issued Revenue Ruling 2014-24, which expressly permits retirement plans that are tax qualified only in Puerto Rico (Puerto Rico-only plans) to continue to pool assets with...more

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