TAKE A CHANCE ON ME! Tax Planning During the Biden Administration
SO VERY HARD TO GO (NOT)! In Pursuit of Puerto Rican Tax Incentives
ISLA DEL ENCANTO - INTRODUCING BORICUA SPLIT DOLLAR
Isla del Encanto-Introducing Boricua Split Dollar
Puerto Rico has struggled to maintain sustainable electric power generation for the residents of the island, and its power grid was unable to withstand Hurricane Fiona in September 2022, triggering an island-wide blackout....more
How can carriers prepare for what is to come after Fiona’s direct impact on Puerto Rico? First and foremost, carriers should begin securing and mobilizing an adequate roster of independent adjusters, ready to respond to...more
The White House announced an $11.6 billion aid package to Puerto Rico on Sept. 18 to aid it in its recovery from Hurricane Maria, which devastated the island and its infrastructure in September 2017. The funds will be granted...more
In response to the earthquakes that since January 6, 2020, have shaken Puerto Rico, on February 18, 2020, the Puerto Rico Department of the Treasury (known by its Spanish name as “Hacienda”) issued Circular Letter of Internal...more
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
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
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
In response to the extremely active 2017 Atlantic hurricane season, the governor of Puerto Rico enacted several bills that amend or introduce new provisions to the Insurance Code of Puerto Rico, 26 L.P.R.A. § 101 et seq.,...more
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
The Puerto Rico Department of the Treasury (the PR Treasury) issued Internal Revenue Informative Bulletin No. 19-01 extending the deadline to March 31, 2019, to request the Federal Employee Retention Benefit related to...more
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
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
As discussed in our posting covering continuing challenges to rebuild Puerto Rico’s electrical grid, the Puerto Rico Power Authority (“PREPA”) has inhibited the recovery and redevelopment of the Island’s energy system. On...more
The 2018 Regular Session of the Connecticut General Assembly passed bills that, among other things: (1) revise the Student Data Privacy Act; (2) address budgetary issues stemming from attempts at reducing and rescinding...more
Puerto Rico is still reeling from the aftermath of Hurricane Maria. Recently, the governor of Puerto Rico signed into law Act No. 115 of June 20, 2018, to promote recovery efforts and provide much-needed aid to affected...more
In the nine months since Hurricane Maria, substantial progress has occurred in bringing Puerto Rico’s power grid back online. Some consumers with access to solar microgrid systems regained power as soon as a few days after...more
On September 29, 2018, the Disaster Tax Relief and Airport Extension Act of 2017, as amended (the “Act”), was adopted to, among other goals, provide tax relief to those affected by Hurricanes Irma and Maria. The Act includes...more
In the six months since Hurricane Maria devastated Puerto Rico, much progress has been made. Water service has been restored to 99% of the island and electricity to 93%. Of the total losses in the Caribbean from Maria,...more
In the mountains near Ponce, Puerto Rico, after Hurricane Maria tore through, the terrain made it difficult to repair power lines that stretched from peak to peak. For over four months, the entire area was in the dark and so...more
In October 2017, Hurricane Maria swept through the Commonwealth of Puerto Rico decimating the island, taking hundreds of lives and demolishing infrastructure on an enormous scale. In the hurricane’s immediate aftermath,...more
On October 4, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination No. 17-21 (AD 17-21) to exclude from gross income certain payments employers made to employees for...more
Charlotte Bankruptcy Member and Team Leader Zach Smith will be moderating a panel of Puerto Rico’s Bankruptcy Judges at the American Bankruptcy Institute’s Caribbean Insolvency Symposium on February 1 in Miami, Florida....more
On December 21, Congress passed a bill to continue funding the government through January 19, 2018, averting a potential government shutdown ahead of the December 22, 2017, deadline for the previous funding measure. The House...more
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
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