News & Analysis as of

Puerto Rico Income Taxes

Morgan Lewis

Puerto Rico Enacts New Law on Remote Work and Airline Home Bases

Morgan Lewis on

The new act, effective as of January 17, clarifies the applicability of local employment laws to remote workers and aims to facilitate remote work in Puerto Rico. The Act to Facilitate the Implementation of Remote Work in...more

Jackson Lewis P.C.

New Law Regulates Remote Work, Promotes Establishment of Airline Home Bases in Puerto Rico

Jackson Lewis P.C. on

The “Law to Facilitate the Implementation of Remote Work in the Private Sector and to Incentivize the Establishment of Airline Home Bases in Puerto Rico” regulates the employment relation of employees who work remotely from...more

Littler

Puerto Rico Enacts New Legislation on Remote Workers of “Out-of-State” Employers

Littler on

On June 30, 2022, the governor of Puerto Rico signed into law Act No. 52 (Act 52-2022), which amended the concept of “engaged in trade or business” under the Puerto Rico Internal Revenue Code of 2011, to address the...more

Gerald Nowotny - Law Office of Gerald R....

TAKE A CHANCE ON ME! Tax Planning During the Biden Administration

Take a chance on me series discusses niche strategies to achieve tax reduction and deferral. #taxstrategy #ppli #pooledincomefund #maltapensionplan #estateplanning ...more

Gerald Nowotny - Law Office of Gerald R....

TAKE A CHANCE ON ME! Tax Planning During the Biden Administration

Nowotny On Death and Taxes episode ,Take A Chance On Me! focuses on innovative strategies for tax reduction and deferral. Not only are we good at creating the ideas but we're good at implementing the ideas as well. #ppli...more

Holland & Knight LLP

Contract Allocations and Judicial Doctrines

Holland & Knight LLP on

In Cotto-Vázquez v. United States, CIV. NO.: 16-2807 (SCC) (D.P.R. March 11, 2021), Miguel Ángel Cotto-Vázquez (Cotto),1 the former four-time Puerto Rican boxing champion, became involved in another fight. This time he faced...more

Holland & Knight LLP

When Is a Tax Return "Filed"?

Holland & Knight LLP on

In Notice 2004-45, 2004-2 C.B. 33, the IRS put taxpayers who were asserting to be bona fide residents of the U.S. Virgin Islands (USVI) and who were not following the requirements of meeting the applicable bona fide residency...more

Gerald Nowotny - Law Office of Gerald R....

[Webinar] En mi Viejo San Juan - Puerto Rican Tax Incentives - October 6th, 2:00 pm - 3:00 pm EST

What we'll cover: - What is Act 22? - What is Act 20? - Requirements for U.S. Taxpayer - Planning Examples...more

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

Puerto Rico’s Taxation of Severance Payments

Employers considering reductions in force in Puerto Rico should be aware that the rules on the taxation of severance pay in the United States and Puerto Rico are different. The U.S. rule is straightforward: severance pay...more

Littler

Puerto Rico Department of Treasury Grants Tax Exemptions for Employer-Provided Payments and Certain Benefits to Employees and...

Littler on

On February 20, 2020, the Puerto Rico Treasury Department (PR Treasury) issued Internal Revenue Circular Letter No. 20-08 (CC RI 20-08) granting employers temporary income tax exemptions over payments and certain benefits...more

Littler

Puerto Rico Treasury Department Issues New Quarterly Tax Return for Withholding Payments for Services Rendered

Littler on

Act 257 of December 10, 2018 (Act 257) amended the Puerto Rico Internal Revenue Code to require any person or entity required to withhold income tax on payments for services rendered to submit a reconciliation quarterly tax...more

International Lawyers Network

Establishing A Business Entity In Puerto Rico

Puerto Rico offers many advantages to individuals and companies that decide to establish business operations on the Island. These include unique local tax incentives; a strong, dedicated, and skilled bilingual labor force;...more

Littler

Puerto Rico DOL Announces that Employers Must Submit Unemployment Tax Returns Electronically

Littler on

On March 14, 2019, the Puerto Rico Department of Labor and Human Resources (PR DOL) issued a press release announcing that in an effort to improve services and reduce public expenses, all employers will be required to submit...more

Littler

Littler Global Guide - Puerto Rico - Q4 2018

Littler on

New Regulation Adopted to Administer Unemployment Insurance - New Regulation or Official Guidance - On November 8, 2018, Puerto Rico’s Department of Labor and Human Resources published the Regulation to Administer the...more

Littler

Puerto Rico Department of the Treasury issues Q&As Clarifying Guidance on Qualified Payments Made for Hurricane María Disaster...

Littler on

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

Littler

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

Littler on

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

Jackson Lewis P.C.

Puerto Rico Agencies Issue Employee-Related Guidance, Tax Relief In Wake Of Hurricane

Jackson Lewis P.C. on

The passage of Hurricane María through Puerto Rico in September 2017 left catastrophic damages. In an effort to encourage employer assistance and provide temporary economic relief to employees in Puerto Rico, local government...more

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

Employers Helping Employees - Are Disaster Relief Payments and Loans Exempt From Puerto Rico Income Tax?

With the havoc wrought by Hurricane Maria in Puerto Rico, employers are exploring options to provide emergency relief to those employees who have encountered financial hardship to meet their necessities and repair their homes...more

Littler

Puerto Rico Department of the Treasury Grants Temporary Tax Exemptions for Employer-Provided Payments and Certain Benefits to...

Littler on

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

McDermott Will & Emery

Puerto Rico Legislation May Require Changes to Retirement Plans

McDermott Will & Emery on

Puerto Rico enacted new legislation in February that will require changes to tax-qualified retirement plans covering Puerto Rico employees, including both Puerto Rico-only and dual-qualified (US and Puerto Rico) retirement...more

Littler

Puerto Rico Employers Cannot Withhold Income Taxes for Christmas Bonuses of $600 or Less

Littler on

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

Littler

Puerto Rico Qualified Retirement Plans: Treasury Eliminates Form 480.70(OE) Filing Requirement for Plan Years Beginning on January...

Littler on

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

Bilzin Sumberg

Inbound and Outbound U.S. Tax Planning for Bona Fide Residents of Puerto Rico

Bilzin Sumberg on

Since Puerto Rico enacted the “Individual Investors Act” (Act 22) and the “Export Services Act” (Act 20) in 2012, much press has been devoted to the number of high-net worth U.S. taxpayers (including citizens and green card...more

McDermott Will & Emery

Tax Prepayment Window Closes on October 31, 2014, for Puerto Rico Retirement Plans

McDermott Will & Emery on

On July 1, 2014, Puerto Rico adopted new legislation (Tax Act 77), which provides a window from July 1, 2014 – October 31, 2014, for participants in Puerto Rico retirement plans to prepay at reduced rates Puerto Rico income...more

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